Cannabis Stocks in the Red: Aurora Cannabis and Canopy Growth Fall

cannabis stocks

Cannabis stocks have taken a downturn today. Most cannabis stocks are trading in the red today on both the US and Canadian markets. Aurora Cannabis (NYSE:ACB) and Canopy Growth Corporation (NYSE:CGC) are no exception to this and have both fallen on the NYSE today.

Let’s take a closer look at these two stocks and their latest company movements. 

Aurora Cannabis

Aurora Cannabis is headquartered in Edmonton, Alberta, and produces and distributes medical cannabis products internationally and across Canada. The company holds major partnerships with major pharmacies across Canada to carry their products and sell it to patients that are eligible. 

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The latest news to break from this Canadian cannabis stock was two days ago. Aurora announced on November 6th that it will be partnering up with ICC Labs Inc. Aurora will acquire all of the issued, and outstanding common shares of ICC and the duo will together distribute cannabis products globally. ICC currently holds licenses in Uruguay and Colombia.

According to Yahoo Finance, the cannabis stock is currently trading at $7.77 a share on the NYSE, down -$0.31 (-3.82%).

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Canopy Growth Corporation

Canopy Growth Corporation is another Canadian-based cannabis company that is headquartered in Smiths Falls, Ontario. Together with its subsidiaries, Canopy engages in the growth and sale of medical cannabis across Canada.

Yesterday, cannabis stocks got a boost after Tuesday’s US midterm elections closed, and it was announced that two States had legalized medical cannabis and Michigan had legalized recreational cannabis. With being so close to the Canadian border, this is a positive outcome for Canadian cannabis companies. 

The last company news released from Canopy Growth was six days ago. 

According to Yahoo Finance, the cannabis stock is currently trading in the red. At the time of writing, CGC stock is selling at $43.83 a share, down -$2.24 (-4.86%).

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