Marijuana stocks slip; analyst calls send Cronos soaring, weigh on Tilray

Shares of cannabis companies traded mostly lower Wednesday, pulling back from a big run up the previous session that snapped a long losing streak.

Carey said he doesn’t expect Cronos entering the U.S. by acquiring a cannabis retailer, but rather expects the company to leverage Altria’s distribution—Altria’s products are in about 230,000 stores—to launch its own products. He said he believes Cronos will start with a focus on creams, tinctures and vapes/sprays, given that the Food and Drug Administration has stated that CBD in food additives is still prohibited.

On the downside, Tilray Inc. shares TLRY, -2.60% 2HQ, +1.60% dropped 2.2% after Oppenheimer initiated research coverage with a less-than-enthusiastic perform rating. Analyst said he believed that shorter-term headwinds, which include full valuation and supply shortages in Canada, will offset longer-term positives, which are highlighted by partnerships with leading consumer and drug players and its positioning to capitalize on both the recreational and medical markets.

Despite the sector’s breather, macro news for the cannabis industry was relatively upbeat. On Wednesday, the Delaware General Assembly is scheduled to have a hearing on bill that looks to make it legal for adults over the age of 21 to legally possess and consume under one ounce of marijuana, for personal use. The bill would not make it legal for people to grow their own marijuana.

Elsewhere, shares of Zynerba Pharmaceuticals Inc. ZYNE, -6.28% slumped 6.7%, GW Pharmaceuticals PLC GWPH, -1.16% dropped 2.0%, CannTrust Holdings Inc. CTST, -1.13% TRST, -1.13% gave up 1.1% and Heritage Cannabis Holdings Corp. HERTF, +9.29% rallied 5.5%.• Harvest Health & Recreation Inc. HRVSF, +1.79% HARV, +10.81% said it opened three new medical marijuana dispensaries in Florida, bringing its total in the state to five dispensaries.

True Cannabis Culture people really do not like the Corruption involved with what is taking place. The state regulations are set up so that the rich get richer & the poor stay poor. You need significant $ and or Political connections to get into cannabis in states that allow it.

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