Short Sellers Raise Their Bets in Cannabis Stocks
Cannabis stocks had a huge showing on Wall Street last fall. In fact, most of the news flow surrounding these stocks had investors pouring money into them. Some of the stocks even doubled or tripled in value in this time.
Although a fair number of these companies are based outside the United States, many of them trade on U.S. indexes. Marijuana is still illegal within U.S. borders on a federal level, but with Canada legalizing weed back in October, many believe that the United States will follow in the near future.
Many investors are focused on getting the jump on the cannabis industry, but they aren’t alone. And with this increased speculation, short sellers have plenty of room to play with whether some prices might be overly inflated.
The May 31 short interest data have been compared with the previous figures, and short interest in most of these selected marijuana stocks increased.
Short interest in Canopy Growth Corp. (NYSE: CGC) increased to 30.71 million shares from the previous 28.28 million. The stock was trading at $41.93 Wednesday morning, within a 52-week range of $24.21 to $59.25.
Tilray Inc. (NASDAQ: TLRY) short interest grew to 6.42 million shares from the previous 5.32 million. Shares traded at $40.44, in a 52-week range of $20.10 to $300.00.
The number of Cronos Group Inc. (NASDAQ: CRON) shares short increased to 31.07 million from 29.34 million in the previous period. Its shares were trading at $16.86, in a 52-week range of $5.61 to $25.10.
Aurora Cannabis Inc. (NYSE: ACB) saw its short interest drop to 82.22 million shares from 89.46 million in the prior period. The stock was trading at $7.69. The 52-week range is $4.05 to $12.52.
Hexo Corp.’s (NYSE: HEXO) short interest surged to 14.10 million shares from the previous 10.31 million. The stock was trading at $6.51. The 52-week range is $4.91 to $8.40.
Short interest in Aphria Inc. (NYSE: APHA) increased to 20.23 million from the previous 18.97 million. The stock was trading at $7.23, and its 52-week range is $3.75 to $16.86.