Big Selloff in England Hits Most Stocks Hard Today

An English brokerage firm, IG Market — Europe’s largest online trading platform — has advised clients to sell 19 Canadian cannabis stocks by May 24, which is tomorrow. “…an IG representative said the company ‘became aware of numerous financial institutions performing reviews of the regulatory and political implications of offering cannabis stocks in the UK with a recreational link.” Stockholders were warned of this a month ago. A 300 point fall in the DOW today contributed to the situation.

Cannabis Stocks Hit Hard Today

And because IG Markets’ stocks are held by a custodian, not actually owned by the clients, the custodian will sell the stocks if they do not. Stockholders will not be allowed to transfer their shares to another broker.

Canopy Growth, Aurora, Aphria, Elexinol and Cronos are some of the big name stocks that must be sold — which at today’s open led to red across the board for almost all Canadian LPs and also US operators.

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