Why Tilray and Other Cannabis Stocks Are Moving Down This Week

Cannabis stocks have been hit hard by investors this week. Several names that are down between 5% and 10% for the week are extending losses seen over the past month. Canadian companies…

Tilray (NASDAQ:TLRY)Aurora Cannabis (NASDAQ:ACB), and HEXO (NYSE:HEXO) have dropped 17%, 18%, and 28%, respectively over the last 30 days. And shares of U.S.-based cannabidiol (CBD) company Charlotte’s Web Holdings (OTC:CWBHF) have lost more than 27% in that time. For this week alone, these stocks have dropped as follows as of late Thursday:

  • Tilray was down 7%
  • Aurora was down 6%
  • HEXO was down 10%
  • Charlotte’s Web was down 9%

So what

There hasn’t been any overly meaningful news out of the cannabis sector this week. And the overall market has also taken a breather from its steady march upward this week as well. But most cannabis stocks remain speculative with investors waiting for their potential to be realized. Even taking into account the large declines seen over the past month, names like Tilray and HEXO are still 275% and 78% higher year to date, respectively.

Now what

Tilray actually released some new product news his week. The company said it completed the first successful harvest of medical cannabis grown in its German facility for distribution to pharmacies in that country. And Tilray also launched its first cross-branded product in the U.S. with its craft brewer SweetWater Brewing. The lager beer uses Tilray’s Broken Coast craft cannabis brand name.

Last week, HEXO said it…

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