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.
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.
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.