Investing.com - The once-hot Cannabis sector extended its losses in the wake of its worst week in nine months, weighed down by a slump in Aurora Cannabis.
Aurora Cannabis Inc (NYSE:ACB) marked its start to its second week of trading on the New York Stock Exchange in bearish form, falling nearly 13% amid recent concerns that valuations in the Cannabis sector are too high.
Stocks in the sector are also viewed by some as part of the “sin stock” faction along with tobacco, liquor, gambling and gun stocks, precluding some long-only funds from participating, reducing demand.
Aleafia Health (OTC:ALEAF) tumbled 7% after it launched Monday a research and development division to be called Aleafia Labs to focus on the development of cannabis products that may act as a replacement for addictive prescription opioids and sleeping aids.
Tilray (NASDAQ:TLRY) stock, meanwhile, fell 11%, taking its total losses for month above 40%, but still remains up more than 400% from its July public offering.
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