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    Stocks Sink as Markets Brace for Big Week With Fed, Earnings

    Stocks Sink as Markets Brace for Big Week With Fed, Earnings

    Low-Cost Fashion Chain H&M Reports 4th-Quarter Loss

    Low-Cost Fashion Chain H&M Reports 4th-Quarter Loss

    Dow profit and sales fall short of estimates, aims to cut $1 billion in costs in 2023

    Dow profit and sales fall short of estimates, aims to cut $1 billion in costs in 2023

    Twitter Faces Lawsuits Over Unpaid Rent for US HQ, UK Office

    Twitter Faces Lawsuits Over Unpaid Rent for US HQ, UK Office

  • NYSE
    Johnson & Johnson, Chevron share losses lead Dow’s 261-point drop

    Johnson & Johnson, Chevron share losses lead Dow’s 261-point drop

    DaVita Inc. stock falls Monday, still outperforms market

    DaVita Inc. stock falls Monday, still outperforms market

    Marcus & Millichap (NYSE:MMI) Trading Down 6.3% on Analyst Downgrade

    Marcus & Millichap (NYSE:MMI) Trading Down 6.3% on Analyst Downgrade

    AmEx Profits Fall 9% as Customers Fall Behind on Payments

    AmEx Profits Fall 9% as Customers Fall Behind on Payments

  • NASDAQ
    Orchestra BioMed Down Almost 17% on Second Day of Nasdaq Trading

    Orchestra BioMed Down Almost 17% on Second Day of Nasdaq Trading

    Workhorse Group Inc. stock falls Monday, underperforms market

    Workhorse Group Inc. stock falls Monday, underperforms market

    World Acceptance (NASDAQ:WRLD) Shares Gap Down After Analyst Downgrade

    World Acceptance (NASDAQ:WRLD) Shares Gap Down After Analyst Downgrade

    Here’s Why Qorvo (NASDAQ:QRVO) Can Manage Its Debt Responsibly

    Here’s Why Qorvo (NASDAQ:QRVO) Can Manage Its Debt Responsibly

  • OTC
    China Eastern Airlines 3Q Loss Widens on Low Travel Demand

    China Eastern Airlines 3Q Loss Widens on Low Travel Demand

    Corus Entertainment 4Q Profit Falls

    Corus Entertainment 4Q Profit Falls

    Nintendo Co. Ltd. ADR falls Monday, still outperforms market

    Nintendo Co. Ltd. ADR falls Monday, still outperforms market

    Ocado Group PLC Revenue of Ocado Retail in Q3 Fell 10.6%

    Ocado Group PLC Revenue of Ocado Retail in Q3 Fell 10.6%

  • TSX
    US Seeks to Fine Air Canada $25.5 Million Over Slow Refunds

    US Seeks to Fine Air Canada $25.5 Million Over Slow Refunds

    S&P/TSX composite falls on drop in materials sector, loonie tops 81 cents US

    S&P/TSX composite falls on drop in materials sector, loonie tops 81 cents US

    Bitcoin Is Falling: Should You Buy the Dip?

    Bitcoin Is Falling: Should You Buy the Dip?

    CN Rail Stock Is So Undervalued That it’s Absurd

    CN Rail Stock Is So Undervalued That it’s Absurd

  • News
    Stocks Sink as Markets Brace for Big Week With Fed, Earnings

    Stocks Sink as Markets Brace for Big Week With Fed, Earnings

    Low-Cost Fashion Chain H&M Reports 4th-Quarter Loss

    Low-Cost Fashion Chain H&M Reports 4th-Quarter Loss

    Dow profit and sales fall short of estimates, aims to cut $1 billion in costs in 2023

    Dow profit and sales fall short of estimates, aims to cut $1 billion in costs in 2023

    Twitter Faces Lawsuits Over Unpaid Rent for US HQ, UK Office

    Twitter Faces Lawsuits Over Unpaid Rent for US HQ, UK Office

  • NYSE
    Johnson & Johnson, Chevron share losses lead Dow’s 261-point drop

    Johnson & Johnson, Chevron share losses lead Dow’s 261-point drop

    DaVita Inc. stock falls Monday, still outperforms market

    DaVita Inc. stock falls Monday, still outperforms market

    Marcus & Millichap (NYSE:MMI) Trading Down 6.3% on Analyst Downgrade

    Marcus & Millichap (NYSE:MMI) Trading Down 6.3% on Analyst Downgrade

    AmEx Profits Fall 9% as Customers Fall Behind on Payments

    AmEx Profits Fall 9% as Customers Fall Behind on Payments

  • NASDAQ
    Orchestra BioMed Down Almost 17% on Second Day of Nasdaq Trading

    Orchestra BioMed Down Almost 17% on Second Day of Nasdaq Trading

    Workhorse Group Inc. stock falls Monday, underperforms market

    Workhorse Group Inc. stock falls Monday, underperforms market

    World Acceptance (NASDAQ:WRLD) Shares Gap Down After Analyst Downgrade

    World Acceptance (NASDAQ:WRLD) Shares Gap Down After Analyst Downgrade

    Here’s Why Qorvo (NASDAQ:QRVO) Can Manage Its Debt Responsibly

    Here’s Why Qorvo (NASDAQ:QRVO) Can Manage Its Debt Responsibly

  • OTC
    China Eastern Airlines 3Q Loss Widens on Low Travel Demand

    China Eastern Airlines 3Q Loss Widens on Low Travel Demand

    Corus Entertainment 4Q Profit Falls

    Corus Entertainment 4Q Profit Falls

    Nintendo Co. Ltd. ADR falls Monday, still outperforms market

    Nintendo Co. Ltd. ADR falls Monday, still outperforms market

    Ocado Group PLC Revenue of Ocado Retail in Q3 Fell 10.6%

    Ocado Group PLC Revenue of Ocado Retail in Q3 Fell 10.6%

  • TSX
    US Seeks to Fine Air Canada $25.5 Million Over Slow Refunds

    US Seeks to Fine Air Canada $25.5 Million Over Slow Refunds

    S&P/TSX composite falls on drop in materials sector, loonie tops 81 cents US

    S&P/TSX composite falls on drop in materials sector, loonie tops 81 cents US

    Bitcoin Is Falling: Should You Buy the Dip?

    Bitcoin Is Falling: Should You Buy the Dip?

    CN Rail Stock Is So Undervalued That it’s Absurd

    CN Rail Stock Is So Undervalued That it’s Absurd

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Marijuana Stocks Are Falling Because the Industry Has Too Many Hurdles

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February 5, 2020
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Marijuana Stocks Are Falling Because the Industry Has Too Many Hurdles

Marijuana stocks were falling again on Wednesday. The sector’s struggles that have been on investor’s radars in recent months could continue in the near-term, according to an analyst at Oppenheimer.

Large losses, leadership changes and disappointing quarterly results sent shares of some of the biggest pot sellers lower in 2019. The ETFMG Alternative Harvest ETF (ticker: MJ), an exchange-traded fund and de facto proxy for the marijuana trade, lost more than half its value over the past 12 months.

Wednesday afternoon, Tilray’s shares (TLRY) were down 2.2%, against a 1.3% gain for the Dow Jones Industrial Average. The stock lost 78% in the past 12 months and even more from an intraday high of $300 in September 2018. The company said Tuesday it was reducing staff by 10%, hoping to improve its path to profitability.

Among other marijuana stocks, Canopy Growth (CGC) was down 2.8%, Aurora Cannabis (ACB) was off 0.9%, Aphria (APHA) slid 2.5%, Cronos (CRON) lost 1.6%, Hexo (HEXO) slipped 0.7% and Constellation Brands (STZ) was down 0.9%.

Oppenheimer analyst Rupesh Parikh wrote in a note Wednesday that recent developments point to continuing challenges in the Canadian cannabis market.

Such issues include an underdeveloped retail footprint, a continued strong illicit market that is undercutting the licensed producers on price, and growing pains meeting consumer demand efficiently. He also thinks weaker players in the space could push prices down.

Former Constellation Brands executive David Klein took over as chief executive officer of Canopy Growth on Jan. 14. Parikh is upbeat about Klein’s appointment, and hopes to see more-aggressive efforts to boost the firm’s profitability prospects. Constellation Brands is a major stakeholder in Canopy.

Parikh has a Perform rating on the stock with no price target. The the stock has rallied recently—up 57% from its low on Nov. 19—but he thinks consensus estimates for the company’s bottom line are too aggressive.

“We continue to maintain shorter-term cautious views toward CGC’s prospects given continued headwinds in the Canadian market, regulatory challenges (CBD in the U.S., vapes in Canada), and internal delays in launching beverages,” he wrote.

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