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Cannabis Stocks Get Smoked And Have Lower To Go

This morning, most of the leading cannabis stocks are trading sharply lower on the session. Popular cannabis stocks such as Canopy Growth Corp (NYSE:CGC), Cronos Group Inc (NASDAQ:CRON), Tilray Inc (NASDAQ:TLRY) and Aurora Cannabis Inc (NYSE:ACB) are all trading down by more than 3.5% today. Unfortunately, all of these stocks continue to look weak on the charts as they are now trading below their important 50 and 200-day moving averages. This puts these stocks in a weak technical position and indicated lower prices ahead before finding a bottom My favorite name in this industry group is Canopy Growth Corp (NYSE:CGC). In 2018, this company has received a multi-billion dollar investment from Constellation Brands (NYSE:STZ). Traders should note that CGC stock has been declining since March 2019 when it traded above $52.00 a share. The stock should have some solid support around the $30.00 area in the near term. It is also important to remember that the company will report earnings on August 14, 2019.
 
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