Cannabis stocks were lower across the board Friday, falling with the broader market as investors locked in some of the week's gains. The sector is being viewed as a winner in this week's U.S. midterm elections, where three states approved legalization measures and pro-cannabis governors were elected in several states. The Democratic Party's success in regaining control of the House is also viewed as a positive, as it improves the likelihood that federal legislation, such as the STATES Act, can pass. Separately, Jeff Sessions resigned as attorney general, removing a firm opponent of the substance. "The midterms delivered several important wins that clearly demonstrate positive voter sentiment with respect to cannabis policy reform and underpin a supportive outlook that should continue to drive momentum for US cannabis equities," Cormark analysts wrote in a Thursday note. Canopy Growth Corp. (WEED.T) was down 5.4%, Valens GroWorks Corp. was down 6.3% and Tilray Inc. was down 2.8%. Aprhia Inc. fell 3% and Hexo Corp fell 6.7%. Aurora Cannabis was down 3.6% . The Horizons Marijuana Life Sciences ETF was down 3.5% and the ETFMG Alternative Harvest ETF (MJ) was down 3%. Both ETFS were still up more than 3% on the week. The S&P 500 was down 1.1%.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
November 09, 2018 11:59 ET (16:59 GMT)
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