CORONAVIRUS FEARS, EARNINGS SINK POT STOCKS
Amid fears of a global coronavirus pandemic, pot stocks weren’t spared the worst week for markets since 2008.
Barron’s
- Grizzle says there’s “no safe haven” in pot stocks.
- New Cannabis Ventures previews the rest of earnings season.
- At a Massachusetts conference, investors pleaded with cannabis businesses to show some humility.
Bloomberg - Vivian Azer, an influential analyst at Cowen, downgraded a basket of Canadian pot stocks including Tilray and Aurora, but maintained an outperform rating on Canopy Growth.
Business Insider - MSO Acreage Holdings laid off 40 employees. The company saw its stock drop about 20% this week after it released “disappointing” earnings.
Business Insider - Canadian player Cronos Group delayed its earnings report for unspecified reasons.
Bloomberg - U.S. liquor company Constellation Brands, the largest investor in Canopy Growth and the parent company of Corona beer, got flak online for promoting its new Corona Hard Seltzer with the tagline “coming ashore soon.” Google also noticed a spike in searches for terms like “Corona beer virus.” The virus has no known connection to beer.
NBC, USAToday
