Why Marijuana Stocks Aurora Cannabis, Canopy Growth, and Tilray Are Giving Up Much of Monday's Gains
Canadian marijuana stocks soared on Monday as investors reacted to the prospects that the U.S. election results in November could improve the prospects for the cannabis industry. But what the market gives, the market can take away.
Shares of Aurora Cannabis (NYSE: ACB) were falling 9.3% lower as of 11:09 a.m. EDT on Tuesday. Canopy Growth (NYSE: CGC) stock was down 5.5%, while shares of Tilray (NASDAQ: TLRY) declined 4.3%. These declines wiped out much of the gains generated by the stocks on Monday.
Volatility isn't surprising for pot stocks. That's especially true for the major Canadian stocks, with all of the top cannabis producers still not profitable on a consistent basis. As we've seen today, such volatility occurs even when there aren't new developments for the individual stocks.
Source Fool.com
