New York lawmakers decided to delay marijuana legalization due to the COVID-19 pandemic. As a result, New York won't see marijuana legalization in 2020.
So far this year, OrganiGram Holdings (NASDAQ:OGI) and Aphria (NYSE:APHA) have lost 11.0% and 36.7% of their stock price.
Cannabis sales continue to rise due to increased demand amid the coronavirus outbreak. Globally, the coronavirus chaos has caused panic and anxiety.
Hexo (TSE:HEXO) reported its second-quarter earnings on March 30. For the quarter, the company missed analysts' revenue expectations marginally.
Cronos Group (NASDAQ:CRON) disappointed investors with its fourth-quarter results on March 30. The company's revenue was way below analysts' estimates.
MedMen stock fell by 12.0% on March 30 after the company released some corporate updates. MedMen has been struggling with a cash crunch.
Amid the weakness in the global financial markets due to the COVID-19 outbreak, Cresco Labs fell to a low of 2.81 Canadian dollars on March 17.
Cronos Group reported its fourth-quarter and fiscal 2019 results on Monday after the market closed. The company's fourth-quarter results were disappointing.
Aurora Cannabis (NYSE:ACB) is one of the few cannabis companies that has lost more than half of its market capitalization this year.