It was a tough day for the cannabis sector. The Canadian cannabis index was down 7% on Tuesday. Industry leader Canopy Growth Corp (TWMJF) fell 13%. Despite the weakness, I’m still bullish. In fact, this looks like a chance to buy low. Here are some more details on the sell off and path forward from Potnetwork. Enjoy!
The North American Marijuana Index began the week down on Monday as pot stocks fell victim to another bout of Wall Street’s short-term memory loss, with investors once again panicked over declining tech stocks and trade war fears.
New Memento-levels of forgetfulness plagued the markets on Monday as crucial indices traded below their 200-day moving averages and the S&P 500 hit new lows not seen since Brexit. Trade wars, tech sell-offs, and market correction now have investors pinning a 50 percent chance on the economy falling into a recession. The Index fell 9.44 points, or 3.90 percent to close out Monday at 232.49.
The United States Marijuana Index sank 1.96 points, a decline of 2.59 percent, to close out the day at 73.63, while the Canadian Marijuana Index dropped an impressive 32.84 points, or 4.79 percent, to end Monday at 653.00.
Falling from its record-high this past January, the S&P 500 fell into a ten percent correction, putting investors on notice that the nine-year bull market may be coming to an end.
Marijuana Stock Report: Pot Stocks Tumble As Trade Wars and Tech Take Panicked Sellers To The Brink | PotNetwork
Disclaimer: This report is for entertainment purposes only. Every investor should consult with an investment advisor before making investment decisions. The Vodicka Group, Inc. is not a broker/dealer. We do not receive compensation for mentioning stocks. At various times, the clients, publishers and employees of Vodicka Group, Inc., may buy or sell the securities discussed for purposes of investment or trading. Michael Vodicka owns shares of Canopy Growth Corp. (WEED).