Major Canadian pot stocks were broadly lower, with some prices currently falling by as much as 5 to 6%. The sector has been into the correction territory after soaring in October on recreational cannabis sales rollout in Canada.
Now we see a big share price reversal versus the peak prices. The Sector’s leaders Canopy Growth Corp (TO:WEED) and Tilray Inc (NASDAQ:TLRY) fell by about 50% versus their 12-month highs. And some other key names in the sector like Aurora Cannabis Inc plummeted even lower.
On the positive side, some good news appeared that, as financial scouts note, might refuel buying in the sector. Specifically, first-ever medical cannabis growing licenses were awarded to private businesses. And some more countries like the UK and Germany might possible make marijuana legal as well.
Another big positive news for the marijuana sector companies was that Canopy Growth and some other major cannabis producers have been on the Bloomberg’s 50 Stocks to Watch in 2019 list.
We can expect that given a lengthy correction after the bursting growth in October Canopy Growth (СGС) stocks may be down by $29-30 within the week, while Tilray might drop to $100-105, and Aurora Cannabis Inc, Aphria Inc (TO:APHA). and Cronos Group might hit the lows at $4.5-$5, $6.5-$7, and $8.2-$8.5, respectively.