Cannabis stocks crashed today, when almost every cannabis stock in every sector and region closed in the red. I saw only one, MediPharma (MEDIF), that was up today, by 1.82%. (As usual, I sold mine for less in the previous session; at least the other two I sold dropped 7% and 9% below what I sold them for on Friday.)
Dreading the next few financial reports from Supreme (-4.55% today), Aurora (-4.07%), CannTrust (-5.17%), and Tilray (-5.72%), many traders are hitting the sidelines. To make things worse, China’s move to put tariffs on US imports drove Wall Street Down across the board. Like cannabis stocks, almost all DOW stocks were all in the red; only Proctor & Gamble edged up by a tiny .1%. This exacerbated today’s expected sell-off of cannabis stocks. It’s also an interesting development, because a few months ago Wall Street and cannabis stock prices were completely disconnected, one might go up while the other headed south.
Things picked up for a very few stocks in the last hour of trading, but we are likely to see more widespread selling tomorrow when Supreme (SPRWF) reports. And the next two days, after reports from Aurora (ACB), CannTrust (CTST), and Tilray (TLRY).
Cannabis Stocks Crashed Due to Earnings Season and the Big Wall Street Sell-off
My shopping list is ready, and I’m just waiting for a few stocks to drop again.
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