Cannabis stocks sink with broader market as latest bad news from CannTrust weighs

Cannabis stocks were mostly lower Friday, tracking losses in the broader market amid renewed worry about trade tensions with China with the latest bad news from troubled Canadian player CannTrust adding to the downdraft.

CannTrust shares slid another 6%, after the company said its auditor, KPMG, is withdrawing audits for 2018 and the recent March quarter, saying the numbers can no longer be relied on. The decision came after a special committee shared newly uncovered information from an investigation that led to senior leadership changes announced on July 25. That was the day that Chief Executive Peter Aceto was fired for cause and President Eric Paul was forced to resign.

“In our view, this differentiated approach to focus on its strengths makes sense as the outsourcing structure is present in many other industries such as CPG and Pharmaceuticals,” said GMP Securities analyst Ryan Macdonell.Management also offered a bullish view on the U.S. CBD market, which it will enter via its recently announced acquisition of four units of Redwood Holding Group for $300 million. The company is expecting the U.S.

GarCapital Are you guys still bullish Cgc long term?

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