Canadian Marijuana Stocks Drop 26% in Less than Three Weeks
Canada marijuana stocks are on the decline.
On April 10th the Canadian Marijuana Index reached 359.19, the highest it’s ever been. This was thanks in large part to a single-day jump of 12%, and a jump of roughly 20% in less than three weeks. Since that jump Canada’s marijuana stocks have been on the decline; many contribute this to the vague nature of the legalization plan put forth by the Canadian government.
At the close of today’s (April 27th) market, the Canadian Marijuana Index was at 265.77. This is a 26% decrease in just 17 days, and marks the lowest the market has been in over a month; the previous low was 261.72 on March 21st.
In the U.S., marijuana stocks aren’t fairing much better; at the close of today’s market the U.S. Marijuana Index dropped to 65.07, the lowest it’s been since December 20th, right after President Trump’s inauguration.
According to MarijuanaIndex.com:
The Canadian Marijuana Index tracks the leading cannabis stocks operating in Canada. Constituents must have a business strategy focused on the marijuana or hemp industry, and are required to meet our minimum trading criteria. The Index is equal-weighted and rebalanced quarterly.