Why Tilray, Hexo, and OrganiGram Holdings Stocks Dropped Today
General market weakness is hitting many sectors today, especially higher-risk holdings. Cannabis stocks certainly qualify as high-risk, and Canadian names Tilray (NASDAQ: TLRY), Hexo (NASDAQ: HEXO), and OrganiGram Holdings (NASDAQ: OGI) are all in the red in Monday morning trading. As of 11:08 a.m. ET, these stocks were trading down 6.1%, 5%, and 4.7%, respectively.
In addition to a risk-off mentality from investors in general, a large Canadian peer, Canopy Growth, was also downgraded to the equivalent of a sell recommendation at investment bank Piper Sandler today due to negative sales trends across the company's business, reported CNBC.
Image source: Getty Images.
Source Fool.com
