Weed stocks are tanking as Aurora Cannabis debuts on the New York Stock Exchange (TLRY, CRON, CGC)
Aurora Cannabis made its trading debut on the New York Stock Exchange.
Shares trade under the ticker "ACB."
Weed stocks are getting slammed across the board, trading down between 7% and 14% before paring their losses.
Watch Aurora Cannabis, Tilray, Canopy Growth, and Cronos,
Weed stocks were under pressure Tuesday morning as one of the largest cannabis producers, Aurora Cannabis, debuted for trading on the New York Stock Exchange. Aurora shares fell as much as 12% at the open.
Tilray, Canopy Growth, and Cronos, who were already trading on US markets, were lower between 7% and 14% before paring their losses. Before Tuesday, Aurora was trading solely on the Toronto Stock Exchange.
Aurora, which grows cannabis for both the adult-use and medicinal market, has seen its market capitalization double since August — to just more that $10 billion — as both corporate giants and investors have gotten in on the "green rush" into marijuana.
That includes the recent sell-off that has taken hold ever since last week Wednesday, the day before marijuana was legalized in Canada. Aurora shares have plunged about 35% since putting in their record high that morning.
But investors say the drug's legalization in Canada is just the beginning. "We believe that the legalization in Canada offers a road map to invest in the companies that will form the basis of the legal cannabis industry in the coming years," said Jon Trauben, a managing partner at the cannabis-focused Altitude Investment Management.
Aurora shares trade under the ticker "ACB."
Jeremy Berke contributed to this report.
NOW WATCH: Here's what caffeine does to your body and brain
See Also:
