Why Aurora Cannabis, Canopy Growth, and Other Top Canadian Pot Stocks Are Sinking Today
Several top Canadian cannabis stocks were sinking on Wednesday. Shares of Aurora Cannabis (NYSE: ACB) were down 9.9% as of 11:14 a.m. EST. Canopy Growth (NYSE: CGC) stock was tumbling 8.7% lower. Cronos Group (NASDAQ: CRON) and Tilray (NASDAQ: TLRY) were falling 9.4% and 9.7%, respectively. Aphria (NASDAQ: APHA) and OrganiGram Holdings (NASDAQ: OGI) also slid to a lesser extent -- 2.4% and 5.2%, respectively.
The culprit behind these declines was the surprising outcome (or, at least, anticipated outcome) of the U.S. elections. Polls leading up to Election Day indicated that Democrats had a very good chance of regaining control of the Senate. At this point, that scenario doesn't seem likely (although some votes remain to be counted). With the GOP in control of the Senate, the possibility of changes to federal laws related to cannabis will almost certainly be much lower than they'd be with Democrats in the majority.
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Source Fool.com
