MID-DAY: Pot stocks weight TSX as edibles introduction pushed ahead a year
Pot stocks are dipping heavily as Ottawa releases new rules on the introduction of edibles to the marijuana market.
Analysts suggest the dip comes as many prospective consumers of marijuana seem more interested in the edibles market, which isn’t expected to be legalized until next October. Investors are likely seeing this as a downside for cannabis producers looking to sell the regular product now. Major companies like Canopy and Aurora are seeing stock slide because of this sentiment.
This is also weighing on the TSX, which is down 87 points to 15,491.
The Dow is down again after IBM’s disappointing earnings report, falling 272 points to 25,526. Investors will likely be looking to more earnings reports coming out over the next two weeks for more positive sentiment.
Oil continues to slide to 69.97 a barrel as the US bulks up its inventory.
The Loonie is falling to 76.92 cents US.