It’s another rough day for North American cannabis stocks with many of the big names in negative territory.
The cannabis company’s CEO Robert Fireman recently presented at Canaccord Genuity’s US Canada Cannabis Symposium.
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MedMen Enterprises Inc (CSE:MMEN,OTCQB:MMNFF) shares fell close to 15% to US$4.89.
The company has been announcing acquisitions left and right, including a recent US$682 million deal to acquire medical marijuana company Pharmacann.
Canopy Growth Corp (NYSE:CGC, TSE:WEED) was another decliner, sinking nearly 9% to US$37.91.
CannaRoyalty Corp (CSE:CRZ,OTCQX:CNNRF) was down more than 10% to US$5.74.
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The company unveiled its new name on Monday as it shifts its focus from royalty investment to distribution. It will now be known as Origin House, trading on the CSE under the stock symbol “OH” and on the OTCQX under the stock symbol “ORHOF”.
Shares of Toronto-based cannabis company Newstrike Brands Ltd (CE:HIP,OTCMKTS:NWKRF) fell more than 12% to C$0.47.
The North American Marijuana Index, which tracks the top cannabis stocks in the United States and Canada, was down nearly 12% to US$251.37.
The Horizons Marijuana Life Sciences Exchange Traded Fund, a group of marijuana stocks that trades on the Toronto Stock Exchange, sank 7% to C$18.85.
Aurora Cannabis Inc (TSX:ACB, OTCMKTS:ACBFF) shares were flat as the company awaits its debut on the New York Stock Exchange.
Contact Lenore Fedow at [email protected]