Energy continues to spiral downward, putting pressure on U.S. stocks for the day. Additionally, emerging market currencies continue to weaken against the dollar, to the lowest point in a decade. Putin is crying in his borsch. The S&P 500 posted a decline of 0.69% to 2,061.
Cannabis indices are experiencing considerable downward pressure today with MJIC Marijuana Index and Benzinga 420 Marijuana Index declining by 7.85% and 7.05%, respectively. There certainly seems to be a negative bias to cannabis stocks on Mondays and today was no exception.
Daily Negative: Unfortunately, Aphria’s price hasn’t held since the day’s open, showing weakness in this market. We continue to be surprised by the market reaction to quality companies in the sector.
There is a lot of downward activity in the market both in the broader markets and within the cannabis industry. These times can be difficult for those who are actively invested. It isn’t easy to watch the numbers go down and to see red on the screen. However, these are the times where investors with a strategy have to monitor and adjust what their next steps will be in the changing market conditions.