Cannabis Crashed At The End Of The Day Here Is The Reason

At a confirmation hearing Tuesday, attorney general nominee William Barr said that the current system around marijuana laws is 'untenable' and he personally supports prohibiting marijuana across the U.S. But, Barr said that under the current set of laws he would not go after cannabis businesses that comply with state regulations and a rescinded Justice Department memo. After Barr's comments, the ETFMG Alternative Harvest ETF MJ, -3.23% which includes a basket of the largest pot stocks, fell roughly 3% in 15 minutes. Some of the biggest names in the cannabis sector got a late-session haircut too: Canopy Growth Corp.CGC, +0.61% WEED, -2.75% closed down 2.8%, Aurora Cannabis Inc. touch a mid-session high of a roughly 11% gain but closed the day down 3.2%. Cronos Group Inc. also experienced a similar trading pattern and closed down 5.2%. The lock-up period for Tilray Inc. TLRY, +1.95% expired Tuesday and shares fell 17% in the regular session. The Alternative Harvest ETF closed down 3.2% Tuesday.

But he also said that he would leave corporations alone that are abiding by states laws.

https://www.marketwatch.com/story/cannabis-stocks-fall-after-attorney-general-nominees-comments-about-marijuana-2019-01-15