The Canadian stock markets still have a few hours of life left in them, which means we have no guarantee on whether a stock is going to continue to plunge or if it will somehow manage a marginal turnaround. That being said, there are already two major Canadian cannabis stocks plummeting - and I’m finding this hard to ignore.
Canadian Cannabis Stocks on the Decline
Today, both Liberty Leaf Holdings and Future Farm Technologies are trading down nearly 15%. This is a pretty significant decline for the two companies, both of which are based in Vancouver, British Columbia.
- Liberty Leaf Holdings (CNSX:LIB) (OTCMKTS:LIBFF)
Under the management of CEO William Rascan, Liberty Leaf Holdings is primarily a life science company. More specifically, Liberty Leaf focuses on both creating and supporting a diverse portfolio dealing with businesses in the cannabis industry. Despite announcing last week that it is moving into blockchain technology, Liberty Leaf is seeing red today; and just like the weather in Vancouver today, I’m sure the management team at the cannabis company is now feeling very dark and gloomy.
Currently, on the Canadian Securities Exchange, Liberty Leaf is trading at $0.38. This puts the stock down $0.06, or 14.44%. It has received 826 stock trades thus far. The company didn’t perform much better on the OTC market either. In the American market, Liberty Leaf is down nearly 20%.
- Future Farm Technologies (CNSX:FFT) (OTCMKTS:FFRMF)
With a primary focus on indoor plant growth technology, Future Farm Technologies is trading down on both the Canadian and the American stock market. Personally, I find this surprising. Why? Because it was only last week the company announced that it had hired new seaboard services and announced a new controller. Not to mention, Future Farm Technologies was one of the biggest cannabis stock gainers on February 20th.
None of that seems to have mattered, however. As of this writing, Future Farm is trading at $0.60 on the Canadian Securities Exchange, putting the FFT stock down $0.08, or 11.76%. It has received 939 stock trades already. On the OTC market, the company is trading down 16.19%.
The Takeaway
Both companies have remained silent this week. Therefore, there is no direct explanation for why Liberty Leaf and Future Farm Technologies are trading down so drastically today.
Perhaps it could be rooted back to the fact that the Canadian government pushed back the legalization date for recreational cannabis use. After all, there are a number of cannabis stocks that have started to tank ever since the government delayed the process a couple weeks ago.
Featured Image: Twitter
