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CNBC announced today that US markets are down, with investors worried that rising oil prices will lead to an economic slowdown. At 2:10 pm Eastern Time, the S & P 500 Index and the Dow Jones Industrial Average Index were down 0.3% and 0.5%, respectively.
The cannabis sector was also down today as its ETFs traded in red. ETFMG Alternative Harvest (MJ) and Horizons Marijuana Life Sciences Index ETF (HMMJ) declined 1.9% and 2.3%, respectively. In addition, the majority of cannabis stocks were trading down.
MedMen introduces a delivery service in Nevada
MedMen Enterprises (MMEN) (MMNFF) announced today that it has added these services to all of its Nevada sites. Last month, the company launched its California delivery service. The company plans to launch this service in the United States.
Despite this announcement, MedMen Enterprises was down 4.7% at 14:10 EDT. Since the beginning of the year, the share price of the company has decreased by 33.5%.
The growth of the canopy is trading in the green
Today, Canopy Growth (CGC) (WEED) was trading up 0.6%. Since the beginning of the year, the company has lost 0.6% of its value in inventory on September 13th.
Canopy growth is trading at a discount of 52.5% from its 52-week high of $ 76.68 Canadian. The company announced a performance below expectations in the first quarter of fiscal year 2020, which resulted in a decline in the price of its shares.
Mike Lee, Chief Financial Officer of Canopy Growth, is optimistic about the company's growth initiatives. You can read about his September 4th presentation at the Barclays 2019 Global Consumer Staples Conference on Canopy Growth: Key Points in Investor Appeal.
Aurora Cannabis falls to more than 7%
Today, Stifel Nicolaus has lowered the rating of Aurora Cannabis (ACB) from "keep" to "sell". The company lowered its price target from C $ 7 to C $ 5. The downgrade of Stifel appears to have resulted in a decline in the share price of the company. At 2:10 pm EDT, the company sold 7.2%.
Since Aurora Cannabis announced its fourth quarter results on Sept. 11, P1 Financial, Eight Capital and Cowen and Company have all lowered their price targets for the company. In the fourth quarter, the company missed its revenue forecasts and analysts' estimates.
To learn more about Aurora's performance in the fourth quarter, please read the Aurora cannabis stock that has fallen about 9% – is it time to buy?
CannTrust continues its decline
CannTrust Holdings (TRST) (CTST) declined 6.5% at 14:10 EDT. Struck by regulatory scandals, CTST lost 67.4% of its stock market value this year until September 13th.
On September 10, Eight Capital withdrew its course goal for CannTrust. To learn more about this development, please read CannTrust: Eight assets withdrew their target price.
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