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

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.


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 This material may not be published, broadcast, rewritten or redistributed.)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
36° wxIcon
Hi: 48° Lo: 33°
Feels Like: 36°
Brookings
Overcast
42° wxIcon
Hi: 53° Lo: 44°
Feels Like: 42°
Crater Lake
Broken Clouds
29° wxIcon
Hi: 40° Lo: 29°
Feels Like: 23°
Grants Pass
Overcast
36° wxIcon
Hi: 52° Lo: 37°
Feels Like: 36°
Klamath Falls
Broken Clouds
29° wxIcon
Hi: 42° Lo: 27°
Feels Like: 23°
Clearing & Cold Tonight
KDRV Radar
KDRV Fire Danger
KDRV Weather Cam

Latest Video

Image

Protect Your Windshield

Image

The Pledge: Lone Pine Elementary, Mrs. Brasseur, 2nd Grade

Image

Foggy Start, Cloudy Afternoon

Image

How to Properly Defrost your Winshield

Image

Southern Oregon Softball Looks for Encore Following Best Season in School History

Image

VIDEO FORECAST: Quiet Tuesday With Clouds

Image

ASHLAND HONORS DR. MARTIN LUTHER KING JR.

Image

12 Buildings Set on Fire for Arson Investigation Training

Image

Daily J! - MLK Jr.

Image

Wildlife Safari Welcomes Baby Cheetah

Community Events