leadf
logo-loader
viewTilray Inc

Buds & Duds: Cannabis stocks blunted by widespread market woes

Among the stocks to drop Friday were Tilray and Cronos

Cannabis next to half-full jar
A disconcerting jobs report is permeating nearly every sector

The cannabis sector took a hit Friday as the market adjusts to a disappointing US jobs report.

The Marijuana Index, which tracks leading North American cannabis companies, slipped 1.6% to 272.58.

Duds

Tilray Inc (NASDAQ:TLRY) stock is hurting after Jefferies hit the company with an Underperform rating and a $61 price target — 12% lower than its Tuesday close. Investors responded accordingly, dropping the pharmaceutical company’s share price to $69.19.

Cronos Group Inc (NASDAQ:CRON) is feeling the market’s downward pull despite announcing the completion of a C$2.4 billion investment from Altria Group Inc. The privately-held company’s investment represents a 45% stake in Cronos. Shares of the principal investment firm were recently down nearly 1% to $22.16.

Also on the decline are Surna Inc (OTCQB:SRNA), down 10.3% to $0.07, and Aphira (NYSE:APHA), which declined 0.8% to $9.53.

Buds

22nd Century Group Inc (NYSEAMERICAN:XXII) bucked the sector’s gloomy trend Friday after the company announced that it cut its year-over-year net loss almost in half. The biotech firm posted a net loss of about $8 million in 2018, down from $13 million losses in 2017. Investors like the progress, sending the stock up 13.3% to $2.04.

 

Quick facts: Tilray Inc

Price: 19.7 USD

NASDAQ:TLRY
Market: NASDAQ
Market Cap: $3.12 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

CO2 GRO sees 20% higher pepper yields though 10 weeks of Hidroexpo Feasibility

CO2 GRO (CVE: GROW- OTCQB: BLONF) Vice President of Sales and Strategic Alliances Aaron Archibald joined Steve Darling from Proactive to bring details the company has seen very good results from their CO2 Delivery Solution commercial feasibility on greenhouse-grown peppers with Hidroexpo in...

2 days, 4 hours ago

2 min read