Buds & Duds: Cannabis stocks plummet Tuesday ahead of Canada legalization; Namaste Technologies soars Monday, drops Tuesday

Cannabis stocks perked up Monday, on the back of news that recreational marijuana will be legalized in Canada in two days

Field of marijuana plants
Cannabis stocks were tanking Tuesday ahead of legalization in Canada on Wednesday

Tick tock, tick tock — one day to go before recreational cannabis becomes legal in Canada.

In short: the market has responded, with a broad drop in the sector across the board on Tuesday Morning

Shares of Tilray Inc (NASDAQ:TLRY) dropped Tuesday following weeks of volatility. Shares have experienced multiple double-digit percentage swings, both up and down. Shares dropped 3.6% at US$159.64 Tuesday mid-day. Tilray did not announce any significant news or give any sense why the stock was moving so much. 

READ: Feud between Namaste Technologies and short-seller Andrew Left of Citron Research escalates

Namaste Technologies Inc (CVE:N) (OTCQB:NXTTF) also rocketed higher Monday, up 22.8% in New York but dropped 3.5% on Tuesday Morning. The stock has been under pressure in recent weeks after Citron Research released a report about the company. 

Shares of Namaste were down 5.0% at C$2.68 in Toronto and down 3.5% to US$2.10 in New York.

Shares of The Green Organic Dutchman Holdings Ltd (TSE:TGOD) (OTCQX:TGODF) fell Tuesday down 3.2% to US$5.50. The company recently launched its organic cannabis brand.

MariMed Inc (OTCQB:MRMD) dropped 2.9% at US$4.72 Monday. The company develops, owns and manages cannabis facilities as well as branded product lines. The stock has fallen drastically in the last week, falling from US$5.63 to US$3.66.

READ: Pot primer: Your guide to legalized cannabis in Canada

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada rose 1.25% to US$346.56 on Tuesday. 

The Horizons Marijuana Life Sciences Exchange Traded Fund, a group of marijuana stocks that trades on the Toronto Stock Exchange, was down 1.61% at C$25.63 on Tuesday morning. 

--Updates share prices--

Contact Katie Lewis at [email protected]

Follow her on Twitter: @kelewis


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