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Business & Technology

Weed Stocks Plummet After Canadian Cannabis Company Withdraws

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Weed Stocks Plummet After Canadian Cannabis Company Withdraws

2019-10-10 16:42:511 Oct 2018 01:53 AM EST

Weed stocks fell on Thursday after Hexo, a Canadian cannabis company, withdrew its full-year revenue guidance at an investor event Thursday, citing market uncertainty. Shares of Hexo fell as much as 26% on the news. The stocks of Tilray, Aurora Cannabis, Canopy Growth, and Cronos also slipped. The weed industry is facing increased uncertainty and the environment will likely continue to be difficult, according to W. Andrew Carter, an analyst at Stifel. Weed stocks are not going high today. Shares of Tilray, Canopy Growth, Aurora Cannabis, and Cronos fell sharply after Hexo, another Canadian cannabis company, withdrew its revenue guidance for the year because of uncertainty and difficulty in the market.

 

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