Why Canopy Growth, Hexo, and OrganiGram Are Slumping Today
Thanks to rising tensions in Ukraine and the Federal Reserve's mixed messaging on interest rates, Canadian marijuana stocks are having another tough go of it today. As of 2:55 p.m. ET on Monday, shares of Canopy Growth (NASDAQ: CGC) are down by a hefty 7.5%, Hexo's (NASDAQ: HEXO) stock is underwater by a noteworthy 11.5%, and OrganiGram Holdings' (NASDAQ: OGI) stock is down by 6.1%.
Monday's sharp downturn among these three leading Canadian cannabis companies marks a stark reversal from their recent upward trajectory. Due to the slightly better-than-expected quarterly results posted by both Canopy Growth and Aurora Cannabis last week, the legal marijuana space was finally starting to show some signs of life. In fact, shares of Canopy Growth, Hexo, and OrganiGram all rose by double digits over the course of last week. These gains, however, are quickly being erased by this risk-averse market.
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Source Fool.com
