Marijuana shares suffered huge and sharp losses on Monday, leading their worst five-session rallies for over eight months, as full…
Marijuana shares suffered huge and sharp losses on Monday, leading their worst five-session rallies for over eight months, as full legalization in Canada seems to have sparked the sector despite early signs of strong demand.
ETFMG Alternative Harvest Exchange-traded Fund
tumbled 9.4% in afternoon trading, with 28 out of 37 components lost ground and 16 of decliners cast more than 5%. ETF has lost 20.1% in the middle of a five-session lost stretch, the biggest loss since ETF started on December 3, 2015.
The sector continues to lose ground because adult recreational marijuana use became fully legal in Canada in October 1
7th. The two months leading to full legalization, the cannabis ETF had risen 46%.
Do not Miss : Cannabis is now legal in Canada, but the pot companies expect a rocky start.
Among the more active weed stocks Monday Aurora Cannabis Inc.
throw 12.8%, one day before the Vancouver-based medical cannabis company stock slated to start trading on New York Stock Swap under the ticker symbol “ACB.”
Shares of Canopy Growth Corp.
decreased 12.1%, Cronos Group Inc.
fell 12.5%, New Age Beverages Corp.
killed 15.9% and Tilray Inc.
Corona Beer Manufacturer Constellation Brands Inc.
who made a splash when it increased its share in Canopy Growth by $ 4 billion in August saw its shares lose 1.1%.
If Globalization Capital Inc.’s stock
declined 17.7%. It has lost half of the value over the last five days and has thrown 80% since it closed at an eight year high at $ 13 on October 2.
Also read : All potential red flags for investors in the Intergovernmental Conference, the pottery that jumped 1000% in three months.
Shares of Net Element Inc.