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Pot Stocks Get Early Sell Orders After Reaching Record Highs

Published 2018-10-16, 10:33 a/m
Pot Stocks Get Early Sell Orders After Reaching Record Highs

(Bloomberg) -- Marijuana stocks took a nose dive in the early trading, a day before legalization in Canada.

Most of the pot stocks saw an up-tick at the open, but quickly fell afterward, causing some them to see some volatility-halts. However, several of these shares are now inching back, after the sudden drop.

Pot giant Canopy Growth Corp. fell as much as 10.1 percent in Canadian trading. Organigram Holdings Inc., Tilray Inc. are also among the companies that dipped around the same time. Namaste Technologies and Aurora Cannabis dropped more than 9 percent and saw volatility-halts in trading. Most of these cannabis stocks reached near record highs yesterday, and the selloffs could be tied to algorithms related to all-time high prices.

Marijuana ETFs such as ETFMG Alternative Harvest and Horizons Marijuana Life Sciences Index ETF also tumbled more than 4 percent today.

© Bloomberg. Cannabis plants grow in a greenhouse at the CannTrust Holdings Inc. Niagara Perpetual Harvest facility in Pelham, Ontario, Canada, on Wednesday, July 11, 2018. Canadian pot stocks have had a wild ride in the past year with the BI Canada Cannabis Competitive Peers Index surging about 250 percent from October to December as the road to legalization became clearer in Canada, before dropping by about 36 percent this year. Photographer: Cole Burston/Bloomberg

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