Cannabis stocks are down below-average quarterly reports. Shares in Canadian cannabis producers are still falling as they attempt to regain the ground lost following some below average Q3 reports from several major industry players including Canopy Growth (CGC) and Tilray (TLRY). Tilray's shares are losing slightly more than the industry average, but this is largely the work of a price correction in response to the significant jump seen after the company announced its plans to acquire world-leading hemp-based food products company Manitoba Harvest from Compass Group (CPG) Diversified Holdings. With an estimated value of $318 million (USD), the deal is scheduled to be completed within the next 30 days and would enable Tilray to offer a wider range of products to its customers in the U.S. and Canada. Financial scouts predict that cannabis stocks will continue their decline over the short-to-medium term, but could return to growth further down the line. Over the coming days, we can expect Canopy Growth's unit share price to drop to $45, with Tilray's potentially slipping to $78.5. Meanwhile, Aurora Cannabis (ACB) is likely to slide to $6.5, with shares in Aphria Inc. (APHA) falling to $10. Finally, Cronos (CRON)'s share price looks set to drop to $22.
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