Why Cannabis Investors Aren't Having a Happy 4/20
Cannabis stocks are dropping on a day that marijuana users like to commemorate. April 20, or 4/20, is a day when pot smokers around the world gather to celebrate a recreational drug that remains illegal in the United States. Investors in Canadian pot stocks aren't celebrating today, however. Names including Tilray (NASDAQ: TLRY), Canopy Growth (NASDAQ: CGC), and Sundial Growers (NASDAQ: SNDL) were all down in Wednesday trading. As of 12:06 p.m. ET, these names were lower by 5.7%, 2.7%, and 4.6%, respectively.
Many marijuana enthusiasts may be ready to celebrate the annual 4/20 tradition today, but pot smokers in New Jersey will be looking forward more to tomorrow. Adult-use sales begin there on Thursday, now the state has legalized recreational cannabis. But investors in Canadian companies want more than U.S. states' approval -- they want legalization on the federal level. And progress toward that goal has been delayed.
Source Fool.com
