Cannabis stock prices tumbled today as the North American Marijuana Index took a nosedive. The Index dropped almost eight percent as unknown market forces at this time spooked investors. Closing at 173 on Tuesday, the Marijuana Index fell nearly 13 points to 160.50. Canadian stocks were mostly to blame, as the U.S. Index held relatively steady for the second day in a row.
United States Index
The U.S. Marijuana Index closed at 64.35 on Tuesday, with minimal movement throughout the day Wednesday. As reported yesterday, the Justice Department’s renewed “War on Marijuana” is creating confusion across the industry, with state-level legalization coming into conflict with the federal ban on cannabis. Markets remained relatively stable today, closing at 63.04 for a negligible loss of half of a percentage point.
The Canadian Marijuana Index saw steep losses Wednesday, completely erasing the gains made just 24 hours earlier. After closing at 436.79 on Tuesday, the Index dropped nearly 12 percent. It was a disappointing performance for an Index that has seen a 34 percent gain since the end of October. The Canadian Marijuana Index closed at 390.63 on Wednesday.
Winners and Losers
The gains the market saw today were minimal at best. Topping the list was GrowGeneration Corp. (GRWG) who was up .250. Kush Bottles Inc. (KSHB) had a modest gain of .220, as did MPX Bioceutical Corporation (MPX:CNX) who was up .020.
On the other hand, losses were seen across the Index in every sector. Aurora Cannabis Inc. (ACB:CA) price dropped .890, a loss of 11.34 percent. Cronos Group Inc. (MJN:CA) fared a little bit better, losing .390, an 8.61 percent drop. Rounding out the losses today was Maricann Group Inc. (MARI:CNX), who saw a price drop of .360, a loss of over 15 percent.
Percentage-wise Golden Leaf Holdings Ltd. (GLH:CNX) saw a drop of over 20 percent, while Namaste Technologies Inc. (N:CNX) fell over 19 percent.
Of the most active companies on the Index today, Canopy Growth Corporation (WEED:CA) had a share volume of 5,037,728, Aphria Inc. (APH:CA) had a share volume of 4,218,531, and Terra Tech Corp. (TRTC) had a share volume of 4,061,521.
For more on the Marijuana Index, including the methodology, go to marijuanaindex.com.