There’s no reprieve for weed investors. Shares of cannabis companies took another hit Monday, adding to the worst week for the sector in nearly nine months, led by a big and active selloff in Aurora Cannabis Inc.
The Horizons Marijuana Life Sciences exchange-trade fund HMMJ, -7.03% slid 4.7% and the ETFMG Alternative Harvest ETF MJ, -5.31% shed 4.4% in midday trade. The 17% plunge in the Horizons ETF last week, and the 15% tumble in the ETFMG ETF, were both the biggest percentage declines in a calendar week since the week ending Feb. 2, 2018.
Among the more-active cannabis stocks, shares of Aurora Cannabis ACB, -11.08% dropped 11%, and were among the NYSE’s biggest percentage decliners. Trading volume topped 14 million shares, compared with the full-day average of about 15.4 million shares. The stock has now plummeted 40% in the past seven sessions, putting it on track to close at a 6-week low.
India Globalization Capital Inc.’s stock IGC, +0.00% has been halted for news pending since 9:03 a.m. Eastern Time. The stock, which was up 4.8% in premarket trade before the halt, has lost 81% of its value since it closed at an 8 ½-year high of $13.00 on Oct. 2. Read more about all the red flags for investors in IGC.
Meanwhile, shares of Massachusetts-based MariMed Inc. MRMD, +13.43% soared 14%, after the owner and manager of cannabis facilities and branded products said Monday that it has completed the acquisition of New Jersey-based licensing, consulting and operations company BSC Group.
Aleafia Health Inc. ALEAF, -7.18% said Monday it is launching a research, development and innovation division to be called Aleafia Labs, to advance the development of proprietary cannabis products, including those that may act as replacements for addictive prescription opioids and sleeping aids.
The company has previously announced a cannabis sleep study with Cronos Group Inc.
Aleafia shares dropped 6.2%, on track for a 10th-straight decline, according to FactSet, while Cronos’ stock CRON, -8.12% fell 7.8%, after declining in seven of the previous nine sessions.
Among other more-active marijuana sector stocks, Tilray Inc. TLRY, -9.33% tumbled 9.0%, Canopy Growth Corp. CGC, -9.05% fell 8.9%, New Age Beverages Corp. NBEV, -7.62% gave up 8.1%, Green Organic Dutchman Holdings Ltd. TGODF, -10.84% slid 9.3% and Aphria Inc. APHQF, -10.17% shed 9.5%.
Vancouver-based Namaste Technologies Inc.’s stock NXTTF, -5.70% declined 5.1%. The company announced before the open that its wholly owned subsidiary, Cannmart Inc., has signed a medical cannabis supply agreement with RMMI Corp. subsidiary Rocky Mountain Marijuana Inc., in which Cannmart will have the right of first refusal to buy 20% of RMMI’s gross production of medical cannabis.
