What's Going On With Weed Stocks Aurora Cannabis And Canopy Growth?

Erica Kollmann

April 09, 2024

Aurora Cannabis, Inc. (NASDAQ:ACB) and Canopy Growth Corporation (NASDAQ:CGC) shares are trading lower Tuesday in sympathy with Tilray Brands, Inc. (NASDAQ:TLRY) which fell after reporting worse-than-expected third-quarter results.

The Details:

Tilray reported quarterly sales of $188.34 million, missing the analyst consensus estimate of $198.5 million by 5.12%. The company also said it no longer expects to generate positive adjusted free cash flow for the full fiscal year 2024.

Cannabis stocks have been climbing following legalization in Germany and optimism surrounding the potential rescheduling of marijuana in the United States.

Related News: What’s Going On With SoFi Technologies Stock?

How To Buy ACB Stock:

By now you're likely curious about how to participate in the market for Aurora Cannabis – be it to purchase shares, or even attempt to bet against the company.

Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ';fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, or Amazon.com, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.

In the the case of Aurora Cannabis, which is trading at $6.51 as of publishing time, $100 would buy you 15.36 shares of stock.

If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ';go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.

ACB, CGC Price Action: According to Benzinga Pro, Aurora Cannabis shares are down 7.63% at $6.48 and Canopy Growth shares are down 7.79% at $9.34 at the time of publication Tuesday.

Image: Bob G from Pixabay

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