Cannabis stocks lost some of their initial gains after Coca-Cola reported no sector plans

Cannabis stocks lost some of their early gains on Tuesday, after the CEO of Coca-Cola Co. said the beverage giant had no plans for the sector, disappointing the hopes that global companies would be ready to bring their capital and marketing influence to the new industry.

Coca Cola

KO + 1.87%

Last month, he stated that he was interested in the cannabis sector, particularly the market for CBD-containing beverages or those containing non-psychoactive ingredients in cannabis that are widely considered beneficial for cannabis. the health.

"The space is changing rapidly. No decision has been made yet, "said Coca-Cola at the time.

This comment fueled speculation that Coca-Cola would follow Constellation Brands Inc.

STZ, -2.02%

invested $ 4 billion in Canadian company Canopy Growth Corp.

GSC + 3.81%

CANNABIS, + 2.05%

There were reports that rival Diageo PLC

GED, + 0.39%

also looked at targets. According to Science Daily, the CBD-based beverage market is expected to exceed $ 2 billion in sales two years from now.

James Quincey, CEO of Coca-Cola, clearly answered a question posed by an analyst about the company's call for profits: "At this point, we do not intend to get going. So that's where we are, "Quincey said, according to a transcript of the FactSet call.

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Horizons Marijuana Life Sciences ETF

HMMJ, + 1.52%

was down 0.1%, while the ETFMG Alternative Harvest ETF

MJ + 2.00%

was down 0.6%.

Tilray Inc.

TLRY, + 2.37%

shares decreased by 2.5%, Aleafia Health Inc.

LEAF, -2.01%

ALEF, -1.50%

was down 2.5% and Aurora Cannabis Inc.

CBA + 3.55%

CBA + 3.25%

was down 0.1%. 22th Century Group Inc.

XXII -2.97%

was down 3.4%.

Aphria Inc. of Canada is among the winners of the session.

APH + 6.50%

was up 5.4% after the company announced its intention to trade on the New York Stock Exchange on November 2nd. The company, which is currently trading on the Toronto Stock Exchange and the US OTC market, will be listed under the symbol "APHA".

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Chief Executive Officer Vic Neufeld said the company plans to expand beyond Canada, which legalized cannabis for adult recreation on Oct. 17 in Latin America and the Caribbean. and in Europe.

Cronos Group Inc.

CRON, + 5.74%

was up 2.5% and Canopy Growth Corp. up 2.5%.

Among US companies, MedMen Enterprises Inc.

MMNFF, -2.20%

was up 0.3% and GrowGeneration Corp.

GRWG, + 0.16%

was up 0.5%.

Cannabis Sativa

CBDS, -8.07%

had lost its initial gains to trade down 9%.

The S & P 500

SPX, + 0.82%

was up 0.9% and the Dow Jones Industrial Average

DJIA, + 0.88%

was up 0.8%.

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