Marijuana stocks trade higher, as the market slumps

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November 20, 2018 12:40pm NYSE:MJ

cannabis stocks

From Ciara Linnane: Cannabis stocks reversed their early losses Tuesday to trade mostly higher, shrugging off the rout in the broader market which was falling as investors continued to sell off technology and internet stocks. 

Canopy Growth Corp.CGC, +1.83% led the gainers, adding 2.9% in midmorning trade. Canopy is viewed as one of the stronger players in the new sector, thanks to a $4 billion investment from drinks giant Constellation Brands Inc. STZ, -0.78% Cronos Corp.CRON, +5.20% was up 3.1%. Tilray Inc. TLRY, +0.68% was up 1.8% and Aphria Inc.APHA, +3.45% was up 1.4%. Aurora Cannabis Inc. was up 2.1%, and Green Organic Dutchman Holdings was up 4.1%. The ETFMG Alternative Harvest ETFMJ, +0.42% was up 0.6% and the Horizons Mariujana Life Sciences ETFHMMJ, +0.96% was up 1%. The S&P 500 SPX, -1.01% was down 1.4% and the Dow Jones Industrial Average DJIA, -1.41% was down 1.7%.

The ETFMG Alternative Harvest ETF (MJ) was trading at $29.62 per share on Tuesday afternoon, up $0.12 (+0.41%). Year-to-date, MJ has declined -8.93%, versus a 0.05% rise in the benchmark S&P 500 index during the same period.

MJ currently has an ETF Daily News SMART Grade of C (Neutral), and is ranked #59 of 75 ETFs in the Global Equities ETFs category.

This article is brought to you courtesy of MarketWatch.

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