With many pot stocks trading at or near 52 week lows, some Wall Street traders expect them to fall further. According to a report from analytics firm S3 Partners, short sellers have added $1.4 Billion in short positions on cannabis stocks this year.
- Average borrow fees for pot stocks are climbing, an indication of short-seller interest, and now stand around 23%, up from under 17% in August.
- Canada’s Aurora has the highest borrow fee of any cannabis company at almost 67%. Tilray, Hexo and Aphria aren’t far behind.
In a sign of belt-tightening, Chicago-based Cresco Labs called off its $120M acquisition of Florida’s VidaCann.
California dispensary chain MedMen reported Q1 revenue of $44M, up 105% year over year. It had an adjusted EBITDA loss of $22.2M.
- With “legalization 2.0” weeks away in Canada, companies have been introducing their new edibles and drinkables. ???? WW Canada has more!