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Cannabis stocks end six-session losing streak after CannTrust fires CEO

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Cannabis stocks have ended their six-session losing streak, after CannTrust fires its CEO

Cannabis stocks rose Friday to break a six-session losing streak, led by CannTrust Holdings, which rallied more than 18% on the news that it has fired its chief executive as it works to clean house after a scandal involving illegal grows.

Late Thursday, the company said it had fired Chief Executive Peter Aceto with cause, and that it had forced President Eric Paul to resign. Could be short covering. Any long term holder buying now has to reconcile the fact that any person who made $CTST remotely what it was is gone or soon to be gone. Not just execs. Any mid level folks on cultivation side etc. So its basically a new company with a huge headwind.

Valens GroWorks shares VGWCF, +2.54% rose 2.9%, after GMP it came away from an investor day at the company’s facility in Kelowna, British Columbia with a bullish view of the company.

 

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