Global X Cannabis ETF hits lowest point since March 2020
Global X Cannabis ETF hits lowest point since March 2020
The Global X Cannabis ETF POTX, -2.08% fell 1.6% to $7.16 in afternoon trades Wednesday to its lowest point since March 2020. The ETF debuted near $24 in 2019 and closed at a low of $6.74 on March 18, 2020. “Cannabis stocks have been weak in general,” said Alan Brochstein of 420Investor.com, in an email to MarketWatch. “Some of it seems related to disappointment regarding the slow pace of [U.S.] legalization. POTX is heavily skewed to Canadian LPs, which are struggling due to their loss of market share in their own country and limited opportunities outside Canada.” The largest components of the index include Tilray Inc. TLRY, -2.96% , down 2% on Wednesday; Aurora Cannabis ACB, -2.49% , down 1.8%, Sundial Growers SNDL, -2.94% , off by 2.5%, OrganiGram OGI, -0.44% , down 1.3%, Canopy Growth CGC, -3.08% down 2.4%, and Cronos Group CRON, -2.07% , off by 2.1%.
