Two weeks ago we released an article ranking the top 20 gainers in the 1st half of 2019. Since then the cannabis sector has sunk deeper into correction territory and Canopy Growth’s (TSX: WEED) (NYSE: CGC) recent earnings added fuel to the sell-off. Canopy reported a net loss of roughly $670 million for fiscal 2019.
Today we’ll flip the script and take a look at the top 20 biggest decliners over the 1st half of 2019. As we’ve mentioned in previous articles, the cannabis sector has over the past few years traded in a somewhat predictable pattern. The market tends to perform the best at the start of a new year as well as at the end of the summer and early fall. The market has historically performed the worst from mid-October to late December and also tends to sell off during mid-April into the spring and early summer months.
We are seeing this pattern play out in front of us once again. Many of the top cannabis stocks are down between 30% to 50% off their 2019 highs. Some of the stocks that have held up the best are GW Pharma (NASDAQ: GWPH), Innovative Industrial Properties (NYSE: IIPR), Canopy Growth (TSX: WEED) (NYSE: CGC), OrganiGram Holdings (TSXV: OGI) (NASDAQ: OGI), and Aurora Cannabis (TSX: ACB) (NYSE: ACB).
These companies are the exception as most have not fair nearly as well. If history is any indication investors should have capital set aside to go bargain hunting over the next couple of months. Most good companies will rally again once the market direction turns. Despite the current market correction, most well-known cannabis stocks are still up percentage wise year to date.
Now, let’s take a look at the stocks that have performed poorly this year in our top 20 decliners of 2019 list:
20. 22nd Century Group Inc. (NYSE-A: XXII)
- 2019 open: $2.45
- 2019 low: $1.58
- 2019 decline: -35.51
19. MedMen Enterprises Inc. (CSE: MMEN) OTCQX: MMNNF)
- 2019 open: $3.94
- 2019 low: $2.51
- 2019 decline: -36.29
18. Namaste Technologies Inc. (TSXV: N) (OTCQB: NXTTF)
- 2019 open: $0.78
- 2019 low: $0.49
- 2019 decline: -37.18%
17. Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF)
- 2019 open: $4.70
- 2019 low: $2.88
- 2019 decline: -38.72
16. Medical Marijuana Inc. (OTCPK: MJNA)
- 2019 open: $0.0749
- 2019 low: $0.0441
- 2019 decline: -41.12%
- 2019 open: $1.06
- 2019 low: $0.60
- 2019 decline: -43.40%
- 2019 open: $0.075
- 2019 low: $0.04
- 2019 decline: -46.67%
13. Pure Global Cannabis Inc. (TSXV: PURE) (OTCPK: PRCNF)
- 2019 open: $0.215
- 2019 low: $0.11
- 2019 decline: -48.84%
12. MYM Nutraceuticals Inc. (CSE: MYM) (OTCQB: MYMMF)
- 2019 open: $0.54
- 2019 low: $0.275
- 2019 decline: -49.07%
11. Aerogrow International Inc. (OTCQB: AERO)
- 2019 open: $2.23
- 2019 low: $1.12
- 2019 decline: -49.78%
10. Tilray Inc. (NASDAQ: TLRY)
- 2019 open: $70
- 2019 low: $34.25
- 2019 decline: -50.07%
9. Invictus MD Strategies Corp. (TSXV: GENE) (OTCQX: IVITF)
- 2019 open: $0.79
- 2019 low: $0.375
- 2019 decline: -52.53%
8. FSD Pharma Inc. (CSE: HUGE) (OTCQB: FSDDF)
- 2019 open:$0.285
- 2019: low: $0.135
- 2019 decline: -52.63%
7. Reliq Health Technologies Inc. (TSXV: RHT) (OTCPK: RQHTF)
- 2019 open: $0.35
- 2019 low: $0.165
- 2019 decline: -52.86%
6. Future Farm Technologies Inc. (CSE: FFT) (OTCQB: FFRMF)
- 2019 open: $0.205
- 2019 low: $0.09
- 2019 decline: -56.10%
5. Golden Leaf Holdings Ltd. (CSE: GLH) (OTCQB: GLDFF)
- 2019 open: $0.14
- 2019 low: $0.06
- 2019 decline: -57.14%
4. Tetra Bio Pharm Inc. (TSXV: TBP) (OTCQB: TBPMF)
- 2019 open: $0.84
- 2019 low: $0.315
- 2019 decline: -62.50%
- 2019 open: $0.1589
- 2019 low: $0.05
- 2019 decline: -68.53%
2. Ignite International Brands Ltd. (CSE: BILZ) (OTC: IILBF)
- 2019 open: $2.98
- 2019 low: $0.65
- 2019 decline: -78.19%
1. Insys Therapeutics Inc. Delisted: (NASDAQ: INSY) Now: (OTCPK: INSYQ)
- 2019 open: $3.48
- 2019 low: $0.14
- 2019 decline: -95.98%
* Percent decline was calculated using the 2019 open price and the intraday YTD low.
Charts source: Barchart
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