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Investors in marijuana stocks may have to wait a little longer before rejoicing, as the anticipated rebound has faded on Wednesday, exposing the sector to an extension of its long run of losses.
The Horizons Marijuana Life Sciences Exchange Traded Fund
HMMJ, -5.18%
fell 4.1% in afternoon trading, after wiping out an earlier gain of 3.4%. The area tracker had already fallen 24% after six straight defeats on Tuesday, the longest losing streak since the seven-day series ending June 9, 2017.
The ETFMG Alternative Harvest ETF
MJ -4.20%
down 3.2% after rising 3.3% in the high of the day. The ETF had dropped 22% in the last six days.
The sector has had a difficult time since marijuana became fully legal for adult use in Canada on October 17th.
Aurora Cannabis Inc. among the most active jar stocks
CBA -4.68%
Back in negative territory, it lost 2.5% in the exchanges of the afternoon, after having climbed 6.9% then 1.7% in intraday. The title debuted on the NYSE on Tuesday with a 12% drop. Learn more about MarketWatch Aurora Cannabis.
Shares of ICC Labs Inc.
ICC -2.89%
Aurora said last month that it was buying for the US dollar equivalent of about $ 220.4 million, down 2.9%. The producer and distributor of medicinal cannabinoid extracts and recreational hemp in Uruguay and medicinal cannabis in Colombia said Wednesday that consulting firms Institutional Shareholder Services Inc. and Glass Lewis & Co. both recommended to shareholders ICC to acquire Aurora.
Shares of Tilray Inc.
TLRY, -8.53%
fell 8.0%, reversing a previous gain of 5.8%, and has now dipped 33% in the last seven sessions.
Among the other active shares, Canopy Growth Corp.
GSC -6.97%
down 5.7%, Cronos Group Inc.
CRON, -7.61%
paid 6.1%, Aprhia Inc.
APHQF, -5.88%
lost 4.9%, Hexo Corp.
HYYDF, -2.92%
slipped 0.8% and New Age Beverages Corp.
NBEV, -12.69%
slipped 11%, while Supreme Cannabis Co.
SPRWF, + 1.07%
gained 1.1%.
Elsewhere, shares of GW Pharmaceuticals PLC
GWPH, -4.94%
Green Organic Dutchman Holdings Ltd., down 4.9%
TGODF, -4.85%
lost 4.2%, India Globalization Capital Inc.
IGC -13.55%
down 8.4% and MedMen Enterprises Inc.
MMNFF, -4.70%
abandoned 4.6%.
Do not miss: Possible red flags for potential investors in the IGC
Shares of Corbus Pharmaecuticals Holdings Inc.
CRBP -4.05%
which develops drugs to treat inflammatory and fibrotic diseases by targeting the endocannabinoid system, decreased by 2.9%.
FBR analyst B. Riley, George Zavoico, began hedging the company with a purchase price and stock price target of $ 22, 206% higher than current levels, expressing his optimism for prospects for ongoing clinical trials. "If the trials show a significant improvement in the symptoms of the disease, the quality of life and the reduction of the caregiver burden, [then] we expect rapid adoption by patients who are poorly served with available treatments, "wrote Zavoico in a note to clients.
Despite the long series of industry losses, the Horizons ETF has increased 18% in the last three months and the ETFMG ETF has increased 18%, while the S & P 500 Index
SPX, -2.34%
lost 4.7%.
Discover the next: MarketWatch comprehensively covers the cannabis sector, including the profiles of a number of key players, in one place
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