Why Shares of Aurora Cannabis, OrganiGram, and Charlotte's Web All Declined Today

Marijuana stocks dropped in midday trading Wednesday. As of noon EDT, shares of Aurora Cannabis (NYSE: ACB) were trading 4% lower, OrganiGram Holdings (NASDAQ: OGI) was down 4.3%, and Charlotte's Web (OTC: CWBHF) was off 4%. And Charlotte's Web may be to blame for it all.

Weed stocks were wilting today. Image source: Getty Images.

In a veritable tic-tac-toe of bad news, three analysts in a row have cut their price targets on Charlotte's Web, a producer of hemp-derived cannabidiol (CBD) wellness products. There are few details on the reasons for the cuts in price targets. But ratings-watcher StreetInsider.com confirms that since late Tuesday afternoon, no fewer than three separate name-brand analysts -- Cantor Fitzgerald, Roth Capital Partners, and Piper Sandler (NYSE: PIPR) -- have cut their price targets for Charlotte's Web stock.

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Source Fool.com