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Home / Business / Marijuana stocks fall into the worst 5-session period for the sector

Marijuana stocks fall into the worst 5-session period for the sector



Marijuana stocks suffered broad and heavy losses on Monday and were on their way to their worst five-session skid in more than eight months as full legalization in Canada dwarfed the sector despite early signs of strong demand Has.

The exchange-traded fund ETFMG Alternative Harvest

MJ, -9.15%

fell 9.4% in afternoon trade, with 28 out of 37 components lost ground and 16 of the returns lost more than 5%. The ETF lost 20.1% on a five-day default series, the biggest loss since the ETF started on 3 December 201

5.

The sector is losing ground, having become fully legal in Canada since October on adult recreational marijuana use 17. In the two months prior to full legalization, the cannabis ETF had increased by 46%.

Do not miss : Cannabis is now legal in Canada, but pot companies are expecting a bumpy start. [196592002] Among the more active weed stocks Monday, Aurora Cannabis Inc.

ACBFF, -11.70%

ACB, -11.45%

lost 12.8% a day before the Vancouver-based medical cannabis company traded on the United States New York Stock started stock exchange, under the ticker symbol "ACB."

Stocks of Canopy Growth Corp.

CGC, -11.16%

WEED, -10.26%

decreased by 12.1%, Cronos Group Inc.

CRON, -12.36%

fell 12.5%, New Age Beverages Corp.

NBEV, -16.23%

crashed 15.9% and Tilray Inc.

TLRY, -14.89%

lost 16.0%.

Corona beer maker Constellation Brands Inc.

STZ, -1.49%

which saw a $ 4 billion jump in their Canopy Growth share in August, lost 1.1%.

India Globalization Capital Inc. Stock

IGC, -15.47%

crashed 17.7%. It has lost half of its value in the last five days and has lost 80% since closing at an eight-year high of $ 13 on October 2.

Also read : All potential red flags for investors at IGC, the pot portfolio, which has risen by 1,000% within three months.

Stocks of Net Element Inc.

NETS, + 48.38%

were a rare high point for bulls as they shot 41.9% on high volume after the Florida-based financial technology firm named its Unified Payments subsidiary "safe and compliant." "designated. Payment processing offer for the legal cannabis industry. Trading volume increased to over 9 million shares, compared to the full-time average of approximately 81,000 shares.

The broad sector sell-off comes despite early signs of strong demand since full legalization.

"While it was difficult for provinces and experts to predict exactly how the demand for cannabis would be legalized, actual demand far exceeds all reasonable expectations," said Quebec-based Hexo Corp. in a statement. The company added that it has delivered all orders since the full legalization and has also replenished its shares, but the shares

HYYDF, -13.50%

slipped 12.9% on Monday.

Elsewhere, MedMen Enterprises Inc. shares

MMNFF, -10.72%

lost 13.4% after the full-service cannabis company acquired a sanitary station in San Jose, California, for an undisclosed sum. The news follows the company's announcement of a $ 682 million buy-out from PharmCann earlier this month to mark the largest deal for a US-based marijuana company.

"MedMen continues to grow its market share in California, the largest and largest market, out of the cannabis market in the world," said chief executive Adam Bierman. "Our next phase of growth is focused on going deeper into those markets where we already have a presence and brand value."

Shares of Green Organic Dutchman Holdings Ltd.

TGODF, -16.00%

declined 14.5%, Aleafia Health Inc.

ALEAF, -17.29%

gave up 16.9% and Aphria Inc.

APHQF, -13.53%

fell 12.6%

Meanwhile, the marijuana ETF still rose 24.6% in the last three months, while the S & P 500 -Index

SPX, -0.33%

has dropped 1.4%

Check out : MarketWatch's extensive coverage of the cannabis sector, including profiles of some key players


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