Pot Stocks Down on First Day of Legalization as Broader Market Also Moves Lower
TORONTO — Shares in some of the big names in Canada’s marijuana industry were in the red on the first day of trading following the legalization of recreational pot use.
Shares in Canopy Growth Corp. were down six percent in early trading, while shares in Aurora Cannabis Inc. were down more than 10 percent. Aphria Inc. shares were down about seven percent.
The drop came as the S&P/TSX composite index was down 60.18 points at 15,519.56.
In New York, the Dow Jones industrial average was down 162.13 points at 25,636.29. The S&P 500 index was down 6.47 points at 2,803.45, while the Nasdaq composite was down 13.41 points at 7,632.08.
The Canadian dollar traded lower at 77.05 cents US compared with an average of 77.29 cents US on Tuesday.
The November crude contract was down 77 cents at US$71.15 per barrel and the November natural gas contract was up 5.8 cents at US$3.297 per mmBTU.
The December gold contract was down $2.00 at US$1,229.00 an ounce and the December copper contract was up 1.45 cents at US$2.7940 a pound.
The Canadian Press