Bulletin
Investor Alert

Market Pulse Archives

March 9, 2020, 12:27 p.m. EDT

Cannabis stocks tumble along with broader market, Aurora Cannabis down 9%

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    ETFMG Alternative Harvest ETF (MJ)
  • X
    Cannabis ETF (THCX)
  • X
    Aurora Cannabis Inc. (ACB)

or Cancel Already have a watchlist? Log In

By Ciara Linnane

Cannabis stocks fell sharply Monday, swept up in the broader market rout that was triggered by an oil price war between Saudi Arabia and Russia and the continued spread of the coronavirus. The ETMG Alternative Harvest ETF /zigman2/quotes/204332491/composite MJ +1.52% was down 5.7%, with every one of its constituent stocks, which include tobacco companies, trading lower. The Cannabis ETF /zigman2/quotes/213173823/composite THCX +1.30% was down 7.5%, with all of its constituent stocks lower. Aurora Cannabis Inc. /zigman2/quotes/210559470/composite ACB -1.58% /zigman2/quotes/203734337/delayed CA:ACB -1.69% , the most widely held stock on the trading platform RobinHood, fell 9%. Canopy Growth Corp. /zigman2/quotes/200603886/composite CGC +2.66% /zigman2/quotes/202205609/delayed CA:WEED +2.66% , the market leader, was down 5.6%. Tilray /zigman2/quotes/209129655/composite TLRY +0.60% was down 10%, after MKM analyst Bill Kirk said he's struggling to make sense of the math in Tilray's guidance that it will have positive adjusted EBITDA in the fourth quarter of 2020. "Adjusted EBITDA would still be negative even if: 1) 4Q'20 revenue was 2x 4Q'19 (difficult, but possible); 2) gross margin expanded 500bps (low probability that needs large international contribution); and 3) adjusted SG&A costs were flat y/y on an absolute basis (extremely unlikely given growth required)," Kirk wrote in a note to clients. Kirk lowered his fair value estimate on the stock to $13 from $26. Cronos Corp. /zigman2/quotes/206842762/composite CRON +0.47% was down 3.4%. The S&P 500 /zigman2/quotes/210599714/realtime SPX +1.36% was down 4.8% and the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +2.05% was down 5%.

/zigman2/quotes/204332491/composite
US : U.S.: NYSE Arca
$ 14.06
+0.21 +1.52%
Volume: 637,418
June 3, 2020 4:00p
loading...
/zigman2/quotes/213173823/composite
US : U.S.: NYSE Arca
$ 10.95
+0.14 +1.30%
Volume: 31,823
June 3, 2020 4:00p
loading...
/zigman2/quotes/210559470/composite
US : U.S.: NYSE
$ 14.30
-0.23 -1.58%
Volume: 4.90M
June 3, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.64 billion
Rev. per Employee
$94,401
loading...
/zigman2/quotes/203734337/delayed
CA : Canada: Toronto
$ 19.25
-0.33 -1.69%
Volume: 2.03M
June 3, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$2.21 billion
Rev. per Employee
$123,163
loading...
/zigman2/quotes/200603886/composite
US : U.S.: NYSE
$ 16.57
+0.43 +2.66%
Volume: 7.97M
June 3, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$5.97 billion
Rev. per Employee
$115,039
loading...
/zigman2/quotes/202205609/delayed
CA : Canada: Toronto
$ 22.36
+0.58 +2.66%
Volume: 2.53M
June 3, 2020 4:27p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$8.06 billion
Rev. per Employee
$150,142
loading...
/zigman2/quotes/209129655/composite
US : U.S.: Nasdaq
$ 10.08
+0.06 +0.60%
Volume: 7.93M
June 3, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.25 billion
Rev. per Employee
$62,689
loading...
/zigman2/quotes/206842762/composite
US : U.S.: Nasdaq
$ 6.46
+0.03 +0.47%
Volume: 3.44M
June 3, 2020 4:00p
P/E Ratio
6.94
Dividend Yield
N/A
Market Cap
$2.24 billion
Rev. per Employee
$55,248
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,122.87
+42.05 +1.36%
Volume: 3.16B
June 3, 2020 5:18p
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
26,269.89
+527.24 +2.05%
Volume: 401.27M
June 3, 2020 5:18p
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.