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Buds & Duds: With six days to go until Canada legalizes recreational marijuana, cannabis stocks corrected sharply Thursday

It was not a happy day for cannabis stocks, which were broadly down across the board
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Shares of tobacco-meets-cannabis company Pyxus International Inc (NYSE:PYX) jumped on Thursday

Cannabis stocks were mostly awash in red on Thursday. The clock is ticking: it's a mere six days until Canada legalizes recreational marijuana. 

Investors continue to question which way markets will go, however, recent weeks have been reasonably positive, overall. 

Shares of Pyxus International Inc (NYSE:PYX) jumped as high as 15% on Thursday in response to a bullish tweet and report released by Citron Research.

Shares closed up 4.1% at US$41.69. 

READ: Andrew Left’s Citron Research sets $65 price target for Pyxus International stock, says it's 'a perfect hedge'

Cronos Group Inc (NASDAQ:CRON) (CSE:CRON) (FRA:7CI) dropped Thursday after a tough few week where the stock fell more than 10%. 

Shares were down 5.7% at C$9.05 in New York and down 6.4% at C$11.80. 

Tilray Inc (NASDAQ:TLRY) shares took a further hit Thursday following weeks of volatility and following the close of its convertible debt offering. The company raised a total of $435 million. The initial offer was worth $400 million, but was later upsized.

Shares fell 3.6% to US$131.95. 

READ: Tilray raises $435 million via convertible debt offering

CBD-focused Isodiol International Inc (CSE:ISOL) (OTCMKTS:ISOLF) also saw its shares drop on Thursday.

Shares were down 8.3% at C$3.30 in Toronto and up 1.9% at US$2.58 in New York. 

The North American Marijuana Index, which tracks the top cannabis stocks in the United States and Canada, was down 1.72% to US$309.38

The Horizons Marijuana Life Sciences Exchange Traded Fund, a group of marijuana stocks that trades on the Toronto Stock Exchange, was down 2.19% to C$23.20.

Contact Katie Lewis at [email protected]

Follow her on Twitter: @kelewis

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