Pot stocks drop as new virus variant fuels wider selloff

IM Cannabis

26/11/2021 12:56

** Shares of marijuana producers fall premarket in a global
equities selloff sparked by fears over a new and potentially
vaccine-resistant COVID-19 variant  urn:newsml:reuters.com:*:nL8N2SH1S7
    ** Little is known of the variant, detected in S. Africa,
Botswana and Hong Kong, but scientists say it has an unusual
combination of mutations, may be able to evade immune responses
and could be more transmissible  urn:newsml:reuters.com:*:nL1N2SH089
    ** U.S.-listed shares of major Canadian cannabis cos Canopy
Growth Corp  WEED.TO ,  CGC.O , Cronos Group  CRON.TO ,
 CRON.O , Tilray Inc  TLRY.O ,  TLRY.TO  and Hexo Corp
 HEXO.TO ,  HEXO.N  drop 2.3%-4.5%
    ** Cannabis growers with operations in British Columbia also
face additional risk from severe floods and mudslides that hit
the Canadian province this month  urn:newsml:reuters.com:*:nL1N2SG1JH
    ** Sundial Growers  SNDL.O  loses 2.4%, among the most
actively-traded stocks across U.S. exchanges before opening bell
    ** U.S. shares of IM Cannabis Corp  IMCC.O  tumble 14%;
among top pct. losers across U.S. exchanges
    ** Pot stocks tracker MJ ETF  MJ.N  down 2.4%

 (Reporting by Ruhi Soni in Bengaluru;)
 ((Ruhi.Soni@thomsonreuters.com; Twitter: https://twitter.com/ruhithere;))