Stocks Today: Cannabis Stocks are Tumbling on the CSE

Stocks Today

As I’m sure you’ve heard, recreational cannabis was nationally legalized across Canada last Wednesday. Many analysts did not predict the major cannabis stock sell-off that occurred that day. Towards the end of the week, the stocks rebounded. Let’s take a closer look at those cannabis stocks today on the CSE and their latest movements.

Stocks Today: Golden Leaf Holdings Ltd (CSE:GLH)

Golden Leaf Holdings is headquartered in Toronto, Ontario, and through its subsidiaries, produces, distributes, and sells cannabis oil and flower. Golden Leaf was incorporated back in 2014.

Three days ago, the cannabis company announced a corrected press release. On September 24th, Golden Leaf reported that “All of our product in inventory will move immediately to buyers contributing approximately US$900,000 to third quarter GLH revenue.” What is should have said was CAD and not USD.

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According to Yahoo Finance, GLH is currently trading at $0.205 a share, down -$0.015 (-6.82%).

Stocks Today: Nutritional High International Inc. (CSE:EAT)

Nutritional High is also based out of Toronto, Canada, and focuses on the development, manufacturing, and distributions of marijuana-infused edibles and oil extracts.

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This morning, Nutritional High announced that its wholly-owned subsidiary NH Medicinal Holdings has entered into an agreement to sell 50% of NH Medicinal Dispensaries to a subsidiary of Green Thumb Industries Inc (CSE:GTII).

“The Effingham dispensary has been a great asset for us. We won the license in a competitive process and brought in great partners in GTI and Ataraxia,” commented Nutritional High’s Chief Executive Officer Jim Frazier. “With our focus on California, Nevada and the US West Coast, the Southern Illinois dispensary was no longer core to our business and we are pleased to have been able to sell it at a significant gain.”

According to Yahoo Finance, EAT shares have also dropped today. At press time, the cannabis stock is trading at $0.24 a share, down -$0.04 (-14.29%). Despite positive news from these companies, it seems investors are just riding the cannabis sell-off train today because most cannabis stocks today are in the red.

Featured Image: Depositphotos/© Tzido