Cannabis stocks were mostly lower Friday, tracking losses in the broader market amid renewed worry about trade tensions with China with the latest bad news from troubled Canadian player CannTrust adding to the downdraft.
The Dow Jones Industrial Average
was last down 231 points, while the S&P
as down 1%, after President Donald Trump suggested that a trade resolution with China wasn’t imminent. Speaking to reporters on the White House lawn, Trump said that things are doing “very well with China, but he’s not ready to make a deal.” He also said that talks between the U.S. and China set to take place next month could be canceled.
“The cannabis market has been a bit dislocated recently, but this posturing (on China) is not helping today,” said Korey Bauer, portfolio manager of the Cannabis Growth mutual fund
launched by Foothill Capital Management. “Sentiment has been bad for a few months and numbers from Cronos (on Thursday) were not great. We have earnings from Canopy Growth, Tilray and Charlotte’s Web next week, and those will be crucial to see if this direction continues.”
CannTrust shares slid another 6%, after the company said its auditor, KPMG, is withdrawing audits for 2018 and the recent March quarter, saying the numbers can no longer be relied on. The decision came after a special committee shared newly uncovered information from an investigation that led to senior leadership changes announced on July 25. That was the day that Chief Executive Peter Aceto was fired for cause and President Eric Paul was forced to resign.
See now: KPMG withdraws audits for CannTrust’s 2018 and March quarter after illegal grow scandal
The special committee was formed to investigate the actions that led Health Canada to seize five metric tons of the company’s cannabis in July after discovering it was being grown in unlicensed rooms. As the scandal deepened over the past month, CannTrust has said it is reviewing options, including a possible sale of the company.
“Will they find a white knight?” asked Bauer. ‘I personally don’t think so because of all the class-action suits and legal costs a buyer would have to take on. I expect them to wait and see if they go out of business and then get assets on the cheap rather than overpaying now.”
have lost 63% of their value in the past three months.
Cannabis Watch: For all of MarketWatch’s coverage of cannabis companies
Cronos shares fell 3.6% as analysts weighed in on earnings that showed a revenue beat but a miss on EBITDA, or earnings before interest, taxes, depreciation and amortization. On its call with analysts, the company highlighted its focus on building a global supply chain, instead of a production footprint, as it favors third-party sourcing over in-house production.
“In our view, this differentiated approach to focus on its strengths makes sense as the outsourcing structure is present in many other industries such as CPG and Pharmaceuticals,” said GMP Securities analyst Ryan Macdonell.
See also: Snapchat and Twitter cannabis ads risk government crackdown
Management also offered a bullish view on the U.S. CBD market, which it will enter via its recently announced acquisition of four units of Redwood Holding Group for $300 million. The company is expecting the U.S. CBD market to become one of its biggest revenue contributors in the next few years.
See now: Marijuana-REIT stock falls after second-quarter earnings
Also: Marijuana-derived epilepsy drug doubles sales, sending GW Pharma stock soaring
GMP is sticking with its hold rating on the stock, given the uncertainty about the timing of positive EBITDA. “While Cronos’ shares are well off their 52-week high, we continue to think investors should await a better entry point,” he wrote.
Canopy Growth stock
fell 2.7%, after the company said it is acquiring cannabinoid-based medical researcher Beckley Canopy Therapeutics, a company formed in January 2018 as a joint venture between Canopy Growth and Beckley Research & Innovations to research and develop cannabis-based medicines.
Canopy Growth partly owns the Beckley Canopy research platform. As part of the acquisition, Canopy Growth will also acquire the outstanding shares of Spectrum Biomedical UK, which is the commercial arm of Canopy Growth in the U.K. the deal is expected to close within the next 60 days. Financial terms were not disclosed.
Elsewhere in the sector, Aurora Cannabis
was down 3.2%, Tilray
was down 3.4%, MedMen
was down 4.9%. OrganiGram Holdings’s stock
was down 2.6%. and Aphria
was down 3.7%.
was down 4%. Aleafia
was down 0.7%.
The ETFMG Alternative Harvest ETF
was down 2%, with 31 of its 38 component stocks lower. The Horizons Marijuana Life Sciences ETF
was down 2.3%, with 27of its 64 constituent stocks trading down.
Read now: Cannabis industry’s lobbying on track to hit a record
Ciara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.
上周五，坎纳比斯( Cannabis )的股价大多下跌，原因是市场对中国贸易紧张再度感到担忧，而陷入困境的加拿大企业佳能信托( CannTrust )的最新坏消息加剧了下跌趋势。
在唐纳德?特朗普( Donald Trump )总统暗示与中国达成贸易解决方案并不迫在眉睫之后，美国经济下滑了1%。特朗普在白宫草坪上对记者表示，“与中国关系很好，但他还没有准备好达成协议。”他还说，美国和中国定于下月举行的谈判可能会被取消。
Cannabis Growth 共同基金的投资组合经理科里•鲍尔( Korey Bauer )表示：“大麻市场最近出现了一些混乱，但这种（对中国）的姿态今天没有起到帮助作用
由福希尔资本管理公司发起。“几个月来，市场情绪一直不好，克罗诺斯（周四）的数据也不是很好。我们下周将从 Canopy Growth 、 Tilray 和夏洛特的网络中获得收益，这些收益对于判断这一趋势是否继续至关重要。”
佳能信托股价再跌6%，此前该公司表示，其审计师毕马威( KPMG )将撤回2018年和最近一个3月季度的审计报告，称这些数字不再可靠。在此之前，一个特别委员会分享了7月25日宣布的一项调查的新发现信息，该调查导致高级领导层换届。那一天，首席执行官彼得·阿齐托因事业被解雇，总统埃里克·保罗被迫辞职。
现在看：毕马威( KPMG )因非法增长丑闻而撤销了对 CannTrust 2018年和3月季度的审计
成立这个特别委员会是为了调查加拿大卫生部( Health Canada )在发现5吨大麻是在无许可证房间里种植后，于7月份没收了5吨大麻的行动。随着丑闻在过去一个月不断加深， CannTrust 表示正在审查各种选择，包括可能出售该公司。
大麻观察： MarketWatch 对大麻公司的所有报道
Cronos 股价下跌3.6%，原因是分析师考虑到收益优于 EBITDA （息税折旧摊销前利润）的收益。在与分析师的电话会议上，该公司强调其重点是打造全球供应链，而不是生产足迹，因为它更青睐第三方采购，而不是内部生产。
GMP 证券分析师 Ryan Macdonell 表示：“我们认为，这种专注于自身优势的差异化方法是有道理的，因为外包结构存在于许多其他行业，比如 CPG 和制药行业。”
另见： Snapchat 和 Twitter 大麻广告有可能遭到政府打击
管理层还看好美国 CBD 市场，该公司将通过最近宣布的以3亿美元收购 Redwood Holding Group 的4家子公司进入 CBD 市场。该公司预计，未来几年美国 CBD 市场将成为其最大的收入来源之一。
另外：大麻引起的癫痫药销售额翻了一番，导致 GWPharma 股价飙升
考虑到积极 EBITDA 的时机存在不确定性， GMP 对股票的持股评级保持不变。他写道：“尽管克罗诺斯的股价远低于52周来的高点，但我们仍认为投资者应该等待一个更好的切入点。”
Canopy Growth 股票
该公司股价下跌2.7%，此前该公司表示，将收购总部位于大麻的医学研究机构 Beckley Canopy Therapeutics ，该公司于2018年1月成立，是 Canopy Growth 与 Beckley Research & Innovations 共同投资研究和开发基于大麻的药物的公司。
Canopy Growth 部分拥有 Beckley Canopy 研究平台。作为收购的一部分， Canopy Growth 还将收购 Spectrum Biomedical UK 的流通股。 Spectrum Biomedical UK 是 Canopy Growth 在英国的商业分支，预计交易将在未来60天内完成。财务条款未披露。
下跌了4.9%。OrganiGram Holdings 的股票
ETFMG 另类收获 ETF
下跌2%，38只成份股中有31只下跌。Horizons Marijuana Life Sciences ETF
Ciara Linnane 是 MarketWatch 的投资和企业新闻编辑。她在纽约。