Why Green Thumb Industries, Curaleaf, and HEXO Were Falling Today
Cannabis stocks were falling more than the market on Monday, with U.S. multistate operators Green Thumb Industries (OTC: GTBIF), Curaleaf (OTC: CURLF), and Canadian operator HEXO (NASDAQ: HEXO) falling as much as 7.5%, 4.6%, and 4.9% before recovering to losses of 2.4%, 0.5%, and 3.3%, respectively, on the day.
HEXO has had its spate of operating difficulties over the recent past, but nothing company-specific today. Likely, each stock fell as investors gravitated away from "risky" assets and growth stocks. A catalyst for cannabis reform remains nowhere to be found, with Senator Chuck Schumer recently pushing back the time line for the introduction of his cannabis reform bill. His chief counsel Reginald Babin gave very vague answers as to the path forward for reform at a cannabis event late last week, which likely wasn't helping matters today.
At an event held for the Council for Federal Cannabis Regulation (CFCR), Babin told the crowd, "There is a bit more work to be done in terms of figuring out where the sweet spot is at least in the Senate in terms of what we can do this year."
Source Fool.com
