Today, CNBC reported that the US markets were down as investors feared that rising oil prices could lead to an economic slowdown. At 2:10 PM EDT, the S&P 500 Index and the Dow Jones Industrial Average were down 0.3% and 0.5%, respectively.
The cannabis sector was also down today, as its ETFs traded in the red. The ETFMG Alternative Harvest ETF (MJ) and the Horizons Marijuana Life Sciences Index ETF (HMMJ) were down 1.9% and 2.3%, respectively. Also, the majority of cannabis stocks were trading lower.
MedMen introduces delivery service in Nevada
Today, MedMen Enterprises (MMEN) (MMNFF) announced that it had added the services in all its locations in Nevada. Last month, the company introduced its delivery service in California. The company has plans to launch this service across the US going forward.
Despite this announcement, MedMen Enterprises was trading 4.7% lower at 2:10 PM EDT. Year-to-date, the company’s stock price has declined 33.5%.
Canopy Growth trading in the green
Canopy Growth is trading at a discount of 52.5% from its 52-week high of 76.68 Canadian dollars. The company reported lower-than-expected performance in the first quarter of fiscal 2020, which led to a fall in its stock price.
However, Canopy Growth CFO Mike Lee is optimistic about the company’s growth initiatives. You can read about his September 4 presentation at the Barclays 2019 Global Consumer Staples Conference in Canopy Growth: Key Takeaways from Its Investor Call.
Aurora Cannabis falls over 7%
Today, Stifel Nicolaus downgraded Aurora Cannabis (ACB) from “hold” to “sell.” The firm lowered its price target from 7 Canadian dollars to 5 Canadian dollars. Stifel’s downgrade appears to have led to a fall in the company’s stock price. At 2:10 PM EDT, the company was trading down 7.2%.
Since Aurora Cannabis reported its Q4 earnings on September 11, P1 Financial, Eight Capital, and Cowen and Company have all lowered their price targets for the company. In the fourth quarter, the company missed its revenue guidance and analysts’ estimates.
For more on Aurora’s fourth-quarter performance, please read Aurora Cannabis Stock Fell Approximately 9%: Time to Buy?
CannTrust continues its decline
On September 10, Eight Capital removed its target price for CannTrust. For more on this development, please read CannTrust: Eight Capital Removed Its Target Price.