SNDL - Canopy Growth Aurora Cannabis OrganiGram hit 52-week lows

2023-03-20 13:52:18 ET

• Several Canadian cannabis players extended their losses for the second straight session on Monday to reach new 52-week lows, albeit on below-average volume.
• Leading the pack is Edmonton-based Aurora Cannabis ( ACB ) which has lost ~8% , marking the second biggest intraday decline for this year with ~4.2M shares changing hands, compared to the 65-day average of 7.2M.
• Meanwhile, Canopy Growth ( CGC ) and Organigram Holdings ( OGI ) have followed up with ~6%, and ~5% declines , respectively, to reach their 52-week lows.
• ~4.2M and ~563.2K of CGC and OGI shares have traded so far, compared to the 65-day averages of ~8.4M and ~1.1M, respectively.
• Other Canadian pot stocks, HEXO ( HEXO ), SNDL ( SNDL ), and Tilray Brands ( TLRY ), are also among the notable decliners.
• Read: Issuing a Sell rating on Tilray ( TLRY ), Seeking Alpha contributor John Engle argued on Monday that even after a drop of ~86% from its all-time high, the stock “ remains far from a bargain.”

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