marijuana: This compounded a string of declines that began a week ago, one day before Canada legalized recreational marijuana on Oct. 17, according to The Toronto Star. Marijuana stocks like Tilray and Aurora Cannabis seen volatile share-price swings in recent days. josh edelson/Agence France-Press / josh edelson/Agence France-Press Investors appear disappointed in the lack of inventory, with several stores and websites running out of products in the first days after legalization, as well as a dearth of brand awareness, said Charles Taerk, chief executive officer of Toronto-based Faircourt Asset Management, which runs the 50 million pot-focused UIT Alternative Health Fund. Aurora Cannabis Inc. fell as much as 15 per cent in its U.S. trading debut, Canopy Growth Corp. lost 12 per cent and Tilray Inc. tumbled as much as 18 per cent amid broader market weakness. Canadian cannabis retailers were sold out of about 46 per cent of pot products, Cowen analyst Vivien Azer said, based on her survey of online retailers in five provinces. We thought the sector was going to be weaker at the beginning of the month as we slid into Oct. 17 and we were kind of surprised that markets stayed pretty buoyant up until early last week, Taerk said in an interview, adding that his fund is currently 23 per cent in cash. Meanwhile, more than 95 per cent of customers surveyed across four provinces last week were unaware of the brands they had just purchased, according to GMP Securities analyst Martin Landry.
(news.financializer.com). As
reported in the news.
Tagged under marijuana, week topics.