Cannabis stocks on Monday continued on their downward trend.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, fell 2% to 136.54 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF lost 1.5% to C$10.44, while the OTCQX Cannabis Index sank 2.1% to 497 points.
Despite trouble for the sector, a few marijuana stocks managed to sneak into positive territory.
GW Pharmaceuticals plc (NASDAQ:GWPH) shares increased after analysts at Needham & Co initiated coverage of the stock with a Buy rating and a $200 price target.
Shares climbed almost 3% to US$121.49.
Traders liked the consolidation, sending shares 5.4% higher to US$0.78.
Meanwhile, Tilray Inc (NASDAQ:TLRY) rose 1.1% to $21.60; ICC International Cannabis Corp (CSE:WRLD.U) (OTCMKTS:WLDCF) jumped 14% to C$0.04 in Toronto and 12% to US0.04 in New York; and 1933 Industries Inc increased 1.4% to US$0.20 on OTC Markets.
Among those driving the industry down, General Cannabis Corp (OTCMKTS:CANN) lost 8.3% to trade at US$0.58.
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel