It was a tough day for cannabis stocks, with few 'buds' to speak of in the cannabis space after a wicked string of disappointing earnings results.
Innovative Industrial Properties Inc (NYSE:IIPR) dropped 1.6% at US$49.87 on the North American Marijuana Index. The company leases specialized industrial properties to state-licensed operators for their regulated medical cannabis facilities.
ICC, or International Cannabis Corp (CSE:WRLD, OTCMKTS:KNHBF) shares dropped in the US and Canada. In Toronto, shares were at C$1.72 and in New York, down 2.5% at US$0.37.
ICC is a fully licensed producer and distributor of medicinal cannabinoid extracts, recreational cannabis and industrial hemp products in Uruguay, as well as a fully licensed producer of medicinal cannabis in Colombia.
Duds
The North American Marijuana Index, which tracks the leading cannabis stocks in the US and Canada, slipped more than 6% by Wednesday afternoon.
MedMen Enterprises Inc (CSE:MMEN,OTCQX:MMNFF) plummeted 16.0% at US$3.52 on Tuesday. The company has been gaining ground in the cannabis space via a slew of recent acquisitions.
Canopy Growth Corporation (TSE:WEED, NYSE:CGC) shares dropped today, down 1.9% at US$32.16 as the company posted a wider loss after its fiscal quarter results.
Tilray Inc (NASDAQ:TLRY) shares were down today more than 2.6% to US$104.00.
Aurora Cannabis Inc (NYSE:ACB) shares dipped more than 1.0% to US$6.03. The company recently appointed Jonathan Page, former CEO of cannabis-focused science company Anandia Labs, as its chief science officer.
Contact Katie Lewis at katie@proactiveinvestors.com
Follow her on Twitter: @kelewis