Cannabis stocks tumble from multi-year highs as Reddit-fueled rally loses steam

Cannabis stocks tumble from multi-year highs as Reddit-fueled rally loses steam
Ben WinckFeb 12, 2021, 01:53 IST
Alberta Cannabis Inc/Handout via REUTERS
Cannabis stocks plunged on Thursday as optimism around federal decriminalization and Reddit-trader bullishness faded to profit-taking.
Tilray, Aphria, Aurora Cannabis, Cronos, and Canopy Growth all slid amid the broad sell-off.
Members of the Wall Street Bets Reddit page had been cheering the stocks higher as they did with GameStop in January.
Pot stocks tumbled from highs seen earlier in the week as momentum from casual traders uniting on Reddit sputtered out.
Tilray led the sector's losses, tumbling as much as 48%. Aphria and Aurora Cannabis fell 33% and 23%, respectively. Cronos sank 23% at intraday lows, and Canopy Growth plunged 24%.

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