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Cannabis stocks join market downturn ahead of major earnings reports

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Not a lot of green out there... and that includes the marijuana sector.

Cannabis stocks were mostly lower Monday, amid a broad market tumble related to a trade fight between the U.S. and China.

The world’s second largest cannabis company by market value, Aurora Cannabis Inc. ACB, -4.01% ACB, -4.26% said Monday that Radient Technologies Inc. RDDTF, +2.92% delivered its first batch of cannabis derivatives. According to Aurora, Radient’s technology is expected to be able to process about 300,000 kilograms of cannabis biomass at a single location. Aurora stock fell 4.5% in Monday trading.

Canopy Growth Corp. CGC, -6.95% WEED, -6.89% fell 7.1%, Tilray Inc. TLRY, -7.58% was down 9.2%, Cronos Group Inc. CRON, -6.43% CRON, -6.49% fell nearly 8% and Aphria Inc. APHA, -5.75% APHA, -5.41% was down 7.1%.This week is a significant one for cannabis sector earnings. Tilray and Aurora are both set to report earnings Tuesday after the closing bell, though Aurora’s conference call is expected Wednesday morning. CannTrust and Dutchman are also expected to report Tuesday.

Green Organic Dutchman Holdings Ltd. TGOD, -3.27% , TGODF, -4.47% which has not yet sold any recreational cannabis in Canada, signed a distribution agreement for one of its cannabidiol, or CBD, brands for the German pharmacy market. Dutchman stock was down 4.6%.In the U.S., Acreage Holdings Inc. ACRGF, -6.64% said Monday that it was selling its real-estate assets to a real-estate investment trust that had been recently formed.

 

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Shocking. I thought MJ stocks were going to be the blue chips of tomorrow..

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