Why Curaleaf, Sundial Growers, Hexo, and Green Thumb Industries Stocks Dropped Friday

Some market days see Canadian cannabis companies move in tandem, and others affect U.S.-based marijuana companies. Today, both are dropping. As of 3:30 p.m. ET, American cannabis names like Curaleaf Holdings (OTC: CURLF) and Green Thumb Industries (OTC: GTBIF) were down 4.8% and 4.9%, respectively. At the same time, Canadian pot companies Sundial Growers (NASDAQ: SNDL) and Hexo (NASDAQ: HEXO) were 7.7% and 7.1% lower, respectively. 

There's no major news affecting the marijuana industry today. However, yesterday marked the passing of the one-year mark since President Biden took office, which highlighted the lack of progress on federal marijuana legalization to industry followers. More likely to explain the slide in pot stocks today is the general downtrend in the Nasdaq Composite index, which has entered correction territory with a 13% drop from recent January highs.

Image source: Getty Images.

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Source Fool.com