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[DEVELOPING] IIROC Halts Trading in Many Licensed Producers

December 29, 2017

 

[THIS IS A DEVELOPING STORY]

 

Due to a highly correlated sell-off of Canadian licensed producers, the Investment Industry Regulatory Organization of Canada, a.k.a. IIROC, initially announced that shares of Canopy Weed Corp. (TSX:WEED) (OTC:TWMJF) were halted as of 12:18:35 PM EST, and Aphria Inc. (TSX:APH) (OTC:APHQF) were halted as of 12:19:18 PM EST due to single-stock circuit breakers. 

 

Both companies shares were down measurably in intraday trading at the time of the halts. Following these initial halts, additional L.P. halts ensued.

 

Additional halts:

 

Check here for updated trading resumptions

 

Why So Much Correlation? 

 

One contributing factor to the increased correlation of major cannabis stocks is the recently launched cannabis-themed ETF, called the ETFMG Alternative Harvest ETF (NYSE:MJX). Canopy, Cronos, Aurora and MedReleaf are all in the top-5 holdings of the fund

 

Why Were they Halted?

 

IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

 

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D/M/O

 

 

Disclaimer
 

Investing in nanocap, microcap, and small cap stocks is highly speculative. The publishers of DailyMarijuanaObserver.com are not registered as Investment Advisors or Broker-Dealers in any jurisdiction whatsoever. The information contained on DailyMarijuanaObserver.com (“this site”) has been prepared solely for informational purposes. Nothing on the site is an offer or solicitation to buy or sell securities. Investors should seek financial advice regarding the appropriateness of investing in any securities mentioned from their financial advisor.

 

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