Here's Why Aurora Cannabis, Canopy Growth, Tilray Brands, and Sundial Growers Are All Tanking Today
What a difference a day makes. Yesterday, the cannabis space was glowing green thanks to two potential catalysts coming down the pike. Specifically, Germany is reportedly moving to legalize adult-use marijuana by 2024 following a sea change in its political leadership. Second, there were rumblings out of Washington, D.C., that a long-awaited Senate bill to legalize marijuana was close to a vote.
As this German push to legalize cannabis for adult use is still two years away, and the aforementioned Senate bill doesn't appear to have the votes needed to pass, speculators are apparently rethinking their positions. Underscoring this point, shares of some of Canada's top marijuana companies are all deep in the red today.
As of 12:23 p.m. ET Friday afternoon, Aurora Cannabis' (NASDAQ: ACB) stock was down by a hefty 7.8%, shares of Canopy Growth (NASDAQ: CGC) were underwater by 8.8%, Tilray Brands' (NASDAQ: TLRY) share price was lower by 11%, and Sundial Growers (NASDAQ: SNDL) had fallen nearly 3%.
Source Fool.com
