It's been a week of highs and lows, to say the least. Mostly lows, at this point.
Cannabis stocks started the week on a bitter note Monday, with almost all major players in the US and Canada posting significant declines across the board.
In short, a rocky start to the week.
Buds
There were very few buds on Monday with only a handful of cannabis companies escaping negative territory.
Sunniva Inc (CSE:SNN) announced Monday it was going to acquire a northern California licensed cultivation and genetics facility.
Shares were up 2.4% at C$5.06.
Duds
Monday, there was a nearly never-ending list of stocks in decline, after a bumpy week last week.
Aurora Cannabis Inc (TSE:ACB, OTCMKTS:ACBFF) shares dropped 12.2% to C$11.42.
Last week, the company announced it had been approved for trading on the New York Stock Exchange this week.
The debut of its stock is expected tomorrow.
READ: New Age Beverages pushes out board member who settled SEC charges
New Age Beverages Corporation (NASDAQ:NBEV) said late Friday that its board member Robert Evans has resigned after the beverage company was made aware that he had settled a disciplinary action with the US Securities and Exchange Commission.
Shares on Monday were down 16.3% at US$4.89.
Canopy Growth Corp (TSE:WEED, NYSE:CGC) was another decliner, sinking 11.2% to C$54.46 in Toronto and down 11.2% at US$41.60 in New York.
MedMen Enterprises Inc (CSE:MMEN,OTCQB:MMNFF) shares fell more 12.1% to US$5.71 Monday.
The cannabis company recently acquired medical marijuana company Pharmacann in a US$682 million deal.
READ: MedMen expands its reach into California’s cannabis market, scooping up a San Jose dispensary
The North American Marijuana Index, which tracks the top cannabis stocks in the United States and Canada, was down 9.74% to US$284.89.
The Horizons Marijuana Life Sciences Exchange Traded Fund, a group of marijuana stocks that trades on the Toronto Stock Exchange, sank 11.60% to C$20.27.
Contact Katie Lewis at katie@proactiveinvestors.com
Follow her on Twitter: @kelewis