The U.S.-listed stocks of Canadian producers Canopy Growth (ticker: CGC),Aurora Cannabis (ACB), and Tilray (TLRY) are sinking. Since Monday, when Aurora reported a 333% sales jump from its year-ago quarter, its New York Stock Exchange–listed stock has slipped 18%, to US$6.16. Nasdaq-listed Tilray stock is down 11% on the week, to US$102, despite an 86% sales rise. And NYSE-listed Canopy is down 14%, to US$34.30, on an embarrassing September sales miss.
While sales at these weed leaders grew nicely from year-ago periods, the revenue totals weren’t large. September’s quarter was the last before Canada began recreational cannabis sales on Oct. 17, so the results weren’t yet a test of the demand their investors have bet on.