Marijuana stocks bounce, with sector ETF set to snap 6-session losing streak
Shares of cannabis companies were broadly higher Wednesday, as the sector was set to snap a six-session streak of losses. The ETFMG Alternative Harvest ETF rallied 1.7% in premarket trade, after tumbling 22% over the past six days. Among the more-active stocks ahead of the open, Aurora Cannabis Inc. rallied 4.9% ahead of the open. The stock had dropped 12% on Tuesday, as it debuted on the NYSE, and had fallen 24% the past six sessions. Elsewhere, shares of Tilray Inc. rallied 2.2%, Canopy Growth Inc. climbed 1.6%, Cronos Group Inc. rose 1.8% and Green Organic Dutchman Holdings Ltd. tacked on 1.9%. Among the decliners, India Globalization Capital Inc.’s stock dropped 5.8% and New Age Beverages Corp. shed 2.1%. Over the past three months, the marijuana sector ETF has rallied 22% through Tuesday while the S&P 500 has lost 2.8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.