Home / Uncategorised / Canadian cannabis companies are getting creamed after report says workers may face lifetime travel ban to US
Canadian cannabis companies are getting creamed after report says workers may face lifetime travel ban to US

Canadian cannabis companies are getting creamed after report says workers may face lifetime travel ban to US

caption
A worker with a marijuana cart.
source
Canopy Growth
  • A report out Thursday suggests workers in the Canadian
    cannabis industry could face a lifetime ban on travel to the
    US.
  • Shares of Canadian cannabis companies were down as much
    as 15% on the news.
  • Ballooning valuations have caused these companies to
    come under more scrutiny of late.
  • Watch Tilray,
    Canopy
    Growth
    , and Cronos
    trade in real time.

Canadian cannabis companies were under pressure Friday morning
following a report suggesting workers may face a lifetime ban on
travel to the US.

A
Politico report
published after markets closed on Thursday,
citing a senior official overseeing US border operations, said
any Canadian working in the marijuana industry would not be
permitted to enter the US. “If you work for the industry, that is
grounds for inadmissibility,” Todd Owen, the executive assistant
commissioner for the US Customs and Border Protection’s Office of
Field Operations, told Politico.

Here’s a look at the scoreboard ahead of Friday’s opening bell:

Canada’s marijuana industry has seen valuations balloon in recent
months. Tilray, for example, has seen its share price skyrocket
by more than 600% since it went public in July.

The huge growth in the industry has sparked the interest of
institutional and retail investors alike and has led to
investments from the competing alcoholic-beverage industry. Back
in August, Constellation Brands, the company behind Corona beer
and Svedka vodka, announced it was
investing another $4 billion in Canopy Growth
, which raised
its stake to 38%.

The recent interest in the space has caught the attention of the
US Securities and Exchange Commission. Just last week, the SEC
warned investors to watch out for promises of guaranteed returns,
unregistered sellers, or unsolicited offers in marijuana names.

“If you are thinking about investing in a marijuana-related
company, you should beware of the risks of investment fraud and
market manipulation,” the SEC
said.

“Fraudsters may try to use media coverage about the legalization
of marijuana to promote an investment scam.”

Tilray

source
Markets Insider

Full story is available here.

About Stoners

Check Also

2 Must-Read Quotes on Marijuana From FDA Head Scott Gottlieb — The Motley Fool

This has been an unforgettable year for the cannabis industry. The highlight, as you may …

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.