Why Aurora Cannabis, Tilray, Hexo, and Sundial Investors Are Panicking Today
Call it a "Reefer Madness" moment. In a flashback to the classic 1936 anti-drug film, marijuana investors got spooked today by news reports of health concerns among cannabis consumers -- and it's playing havoc with marijuana stocks.
In 1:55 p.m. EDT trading:
- Aurora Cannabis (NASDAQ:ACB) fell 3.5%;
- Hexo (NYSE:HEXO) has lost 3.8%;
- Sundial Growers (NASDAQ:SNDL) stock is down 4.4%;
- and Tilray (NASDAQ:TLRY) got thrown for a 4.7% loss.
Separate articles published on major news sites over the past couple of days included:
- Recounting stories of children eating cannabis gummies and suffering overdoses (CBS);
- Citing a study linking a rising incidence of schizophrenia to "problematic use of marijuana" (CNN);
- and quoting an anti-marijuana activist calling it a "highly processed product" that's a source of "cannabis-induced psychosis" (Fox News).
These negative media mentions come at the same time when two competing marijuana legalization bills are making their way through the U.S. Senate and House, respectively -- and they come at the same time when President Biden is considering whether …
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