Marijuana Stock Report: Panic Grips Pot Stocks; Wall Street Falters As Feds Raid President’s Private Counsel
The North American Marijuana Index fell on Monday, as panicked investors continued to sell off shares of pot stocks and industry analysts attempted to pinpoint catalysts for the ongoing market decline. Technical experts saw a decrease in Canopy Growth Corp. (TSX:WEED) as dampening the entire sector, with losses compounded across the board as industry players from Aurora Cannabis (TSX:ACB) to Aphria Inc. (TSX:APH) put up poor performances. Some of the more popular evangelists sold dubious claims of lousy press and Canadian packaging guidelines to upsell naive investors. The Index fell 7.53 points, or 3.29 percent to close out the day at 221.67.
The United States Marijuana Index fell 0.47 points, a decline of 0.62 percent, to end the day at 75.54, while the Canadian Marijuana Index dropped 37.07 points, or 6.01 percent to close out Monday at 580.20.
Meanwhile on Wall Street President Trump's new economic adviser Larry Kudlow announced that an international coalition to discuss trade issues with China might be in the works, sending the markets into an early day rally. However, news that the FBI raided the offices of Trump’s personal attorney Michael Cohen this afternoon erased nearly all of the morning’s gains.
"It's certainly sending it down into the close," said Andrew Brenner of National Alliance Securities, about the report on Trump’s attorney, in an interview with NBC News. "I think the equities market was having its own negative momentum."
For his part, the President called the raid "an attack on our country in a true sense, an attack on what we all stand for."
"That is at a whole new level of unfairness," the president added, according to NBC News. "This is now getting ridiculous."
The Dow Jones Industrial Average gained 46.34 points, or 0.19 percent, to end the day at 23,979.10, and the S&P 500 gained 8.69 points, an increase of 0.33 percent, to close out the day at 2,613.16. Meanwhile, the Nasdaq Composite gained 35.23 points, or 0.51 percent, to end Monday at 6,950.34.
Horizons Marijuana Life Sciences ETF (HMMJ.TO) fell CAD$0.61 per share, or 4.00 percent to end the day at CAD$14.65. The Evolve Marijuana ETF (SEED.TO) fell CAD$0.46 per share, or 2.93 percent to finish the day at CAD$15.23.
Innovative Industrial Properties, Inc. (NYSE:IIPR) closed on the acquisition of a property located in Scranton, Pennsylvania… Canopy Growth Corporation (TSX: WEED) announced the launch of Beckley Canopy Therapeutics… Emblem Corp. (TSX-V:EMC) announced today that Lorne Gertner resigned as a director of the Company’s Board of Directors.
Namaste Technologies Changes Medical Cannabis Industry
Namaste Technologies (CSE:N) President and co-founder Sean Dollinger spoke with Market One Media Group to discuss the history of, and plans for the company when it comes to cannabis. Check out the full interview below: