The closing bell has rung and now it's time to take stock of the day's market action. Cannabis stocks broadly (measured by the Solactive North American Medical Marijuana Index) had another losing day falling roughly 1%. It is important to note that strong gains in Zynerba today helped to hold the index in the negative 1% range. In alphabetical order, here are 5 of the biggest marijuana stock losers in trading on Wednesday, August 9th, 2017.
General Cannabis Corp. (OTC:CANN)
In today's trading session, shares of General Cannabisdropped 4.94% on volume that was around the company's 30-day average volume. Today's action came without any news from the company, although the markets may still be digesting their second quarter financial results that came out on Monday. Be sure to check out General Cannabis' marijuana stock profile linked above to view a custom stock chart, news and more.
After reporting declining revenues (related to U.S. Dollar strength) and a delay in their NDA filing for Epidolex on Monday, shares of GW Pharmaceuticals are continuing to drop. GWPH closed Wednesday's trading down 6.57% on volume that was higher than the company's 30-day average volume. Learn more about GW Pharmaceuticals by checking out their marijuana stock profile linked above.
Shares of Kush Bottlesdropped 3.90% in today's trading session on volume that was more than double its 30-day average volume. Today's bearish action came without any recent news from the company, although Kush Bottles will be presenting at Canaccord Genuity's Growth Stock Conference tomorrow. Be sure to check out the company's marijuana stock profile linked above to view a custom stock chart and more recent news.
Yesterday, Terra Tech Corp. reported the company's earnings for the quarter ended June 30, 2017 (note, these financial results do not take into account the impact of Nevada recreational cannabis sales that started on July 1). Total revenues declined compared to the comparable period of last year due to the termination of a contract in the company's Edible Garden division. In regards to the Terra Tech's cannabis division, revenue growth was a strong 57.9%, although gross margins took a hit on discounting in an attempt to gain market share. This mixed earnings release sent shares of Terra Tech down 6.40% in today's session on volume that was more than double the company's 30-day average volume. Learn more about Terra Tech by checking out their marijuana stock profile linked above.
Shares of 22nd Century Groupdropped 6.28% in today's trading session on volume that was higher than the company's 30-day average volume. Today's action came without any recent news, although the company did report their second quarter earnings after the close of trading today. Visit 22nd Century's marijuana stock profile to view a custom stock chart, news and more.
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