Cannabis stocks in general stumbled in the latter half of last year. Wall Street expects profits, and none of these companies is anywhere near profitability. In the United States, high state and local taxes took a toll on sales, as did the lack of federal legalization of marijuana for either medical or recreational use.
While a fair number of these companies are based outside the United States, many of them trade on U.S. indexes. With Canada legalizing weed back in October of 2018, many hope that the United States will follow in the near future.
Many investors are wondering where the cannabis stocks go from here. With this increased speculation, short sellers have plenty of room to play with whether share prices have bottomed.
The April 30 short interest data have been compared with the previous figures, and short interest in most of these selected marijuana stocks increased.
Short interest in Canopy Growth Corp. (NYSE: CGC) increased to 39.70 million shares from the previous 38.40 million. The stock was trading at $14.97 Tuesday morning, within a 52-week range of $9.00 to $46.97.
The number of Cronos Group Inc. (NASDAQ: CRON) shares short decreased to 42.16 million from 42.59 million in the previous period. Its shares were trading at $5.27, in a 52-week range of $4.00 to $17.86.
Aurora Cannabis Inc. (NYSE: ACB) saw its short interest jump to 222.97 million shares from 217.44 million in the prior period. The stock was trading at $7.41. The 52-week range is $7.05 to $108.60.
Tilray Inc.’s (NASDAQ: TLRY) short interest increased to 17.18 million shares from the previous 16.52 million. Shares traded at $8.08, in a 52-week range of $2.43 to $51.03.
Short interest in Aphria Inc. (NYSE: APHA) increased to 45.34 million from the previous 34.50 million. The stock was trading at $3.26, and its 52-week range is $1.95 to $7.68.
Hexo Corp.’s (NYSE: HEXO) short interest fell to 25.57 million shares from the previous 26.24 million. The stock was trading at $0.50. The 52-week range is $0.34 to $7.40.
The Average American Is Losing Momentum On Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4%1 today. Checking accounts are even worse.
But there is good news. To win qualified customers, some accounts are paying more than 7x the national average. That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn a $200 bonus and up to 7X the national average with qualifying deposits. Terms apply. Member, FDIC.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.