Cannabis stocks Tilray Inc (NASDAQ:TLRY) and Cronos Group Inc (NASDAQ:CRON) fell in on Monday in slow business as holidays in both the US and Canada meant many players stayed pinned to the sidelines.
The US equity market was open but the bond markets were closed for Columbus Day. Canada is shut for Thanksgiving.
Shares of Tilray were off by 4.7% to close at $140 on Monday, having recovered from the session low when it dropped 6.8% to trade at $136.88.
Tilray stock had traded as high as $145.80 for the session, having closed on Friday up 0.92% at $146.91.
Volume in Tilray though was 3.49 million shares, around a third of the daily average volume of 9.22 million shares.
Cronos stock slipped 0.72% to finish at $9.70, having recovered from the day's low of $9.33 when it was 4.5% weaker.
Cronos shares traded up to a high of $9.93 during the session.
The number of shares traded in Cronos was at 6.16 million by the close, just over a third of the average daily volume of 17.41 million shares.
READ: Tilray’s price target ditched by Roth Capital due to ‘unprecedented volatility’
Shares of companies who have been riding the cannabis wave also suffered losses on Monday.
New Age Beverages Corp (NASDAQ:NBEV), which is gearing up to show its CBD drinks, dropped 12.75% to finish on Monday at $7.39.
The stock slid 18.9% to a session low of $6.87.
DAVIDsTEA (NASDAQ:DTEA) lost 5.23% to conclude on Monday at $2.72.
At one point, the stock lost 7.6% to trade at the session low of $2.65.
READ: Cronos Group to launch second cannabis product in Canada called 'Spinach'
Tilray has been hit by volatile trading overe the past few weeks, with shares hitting an all-time top of $300 before retreating on profit-taking.
Cronos has been signing partnership deals with several companies such as Ginkgo Bioworks and Aleafia Health last month.
The sharp swings in cannabis stocks are taking place ahead of next week's legalization of cannabis in Canada.