Cannabis sector sinking
This morning turned brutal for the overall market with the S&P 500 Index sinking as much as 2.34% through the first half of the day on the back of the trade dispute between the United States and China. The market sinking today dragged the cannabis sector down. The Horizons Marijuana Life Sciences ETF (HMMJ) fell almost 4% at around noon while the ETFMG Alternative Harvest ETF (MJ) fell almost 5.5%.
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Tilray declines further
Tilray (TLRY) emerged with the biggest loss today. The stock sank almost 8.9% ahead of its earnings tomorrow. This morning, Tilray got coverage from Alliance Global Partners with a “neutral” rating and a price target of $50. Tilray was trading at $45.5, a discount to its price target, today.
Slang Worldwide (SLNG) also sank with the stock losing nearly 7.3% while Canopy Growth (CGC)(WEED) was trading down nearly 7.3% around noon today. Alliance Global also initiated coverage of Canopy Growth with a “buy” rating and a price target of 75 Canadian dollars.