It was a bit of a hand-wringer of a day for cannabis stocks, which saw shares tumble after a week of massive gains.
Shares of the three largest publicly traded marijuana companies saw a massive sell-off, particularly as industry participants waited in anticipation for Tilray Inc (NASDAQ:TLRY) to release its earning results.
READ: Tilray revenue up a staggering 95%, but net loss for the quarter was US$12.8mln
Tilray Inc is a vertically-integrated and federally-licensed cannabis cultivator, processor and distributor based in British Columbia.
Tilray shares were down 3.63% after the company released news that while revenue is us 95%, net quarterly loss was US$12.8mln.
“We are very pleased with our strong start to 2018. Tilray is well-positioned to continue to pioneer the development of the global medical cannabis market and to become a leader in the adult-use cannabis market in Canada,” said Brendan Kennedy, president and chief executive officer of Tilray.
“In the second quarter, we generated significant revenue growth as a result of our global strategy, our multinational distribution network and our commitment to research, innovation, quality and operational excellence.”
Other weed stocks also fell
Shares of Canopy Growth Corporation (NYSE:CGC) were down 6.74% at $43.20.
Cronos Group Inc (NASDAQ:CRON, TSE:CRON) shares tumbled 7.97%, at $11.08. Earlier this week, shares jumped on the back of news that the company had reached a number of supply deals in Canada.
Legal sales of marijuana are set to begin nationwide in Canada on October 17, 2018.
READ: Cronos shares jump after reaching supply deals in Canada
In Toronto, Aurora Cannabis inc (TSE:ACB:CA) shares dropped 7.68% at C$8.54.
The North American Marijuana Index, a series of equally-weighted stock indices that track the leading cannabis stocks in the U.S. and Canada, reported that its North American Index was down 3.91% on Tuesday at $282.61.
In short: what a day. Let's hope a pot of gold awaits later this week.