STREAMING NOW: Watch Now

Marijuana-Related Stocks Plummet

Several marijuana stocks saw double-digit declines hours after Jeff Sessions announced federal pot policy changes.

Posted: Jan. 5, 2018 3:46 AM
Updated: Jan. 5, 2018 3:46 AM

SAN FRANCISCO (AP) - Marijuana-related stocks plummeted, cannabis boosters worried about the industry's future and defiant growers and sellers vowed to keep operating after U.S. Attorney General Jeff Sessions signaled a tougher approach Thursday to federal pot enforcement.

Scroll for more content...


The plunging stock prices reversed a weeks-long rally driven by optimism for legal recreational sales that started Monday in California. Several marijuana stocks saw double-digit losses in the hours after Sessions' announcement, including the largest pot-producing company that is publicly traded.

Canopy Growth, a Canada-based company with the ticker symbol WEED, lost $3.58 a share, or 10 percent, to close at $32.32 on the Toronto Stock Exchange.

Shares of garden-supply company Scotts Miracle-Gro also skidded Thursday, following a steady rise last year after it added fertilizer, lights and other products to serve marijuana growers. The company's share price fell by as much as 7 percent before closing down 2.3 percent.

(Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Article Comments

Medford
Clear
89° wxIcon
Hi: 87° Lo: 58°
Feels Like: 89°
Brookings
Overcast
54° wxIcon
Hi: 61° Lo: 51°
Feels Like: 54°
Crater Lake
Scattered Clouds
76° wxIcon
Hi: 77° Lo: 50°
Feels Like: 76°
Grants Pass
Clear
88° wxIcon
Hi: 85° Lo: 58°
Feels Like: 88°
Klamath Falls
Scattered Clouds
76° wxIcon
Hi: 77° Lo: 48°
Feels Like: 76°
Storm Chances
KDRV Radar
KDRV Fire Danger
KDRV Weather Cam

Community Events