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Short Sellers Get Even Higher on Cannabis Stocks

Cannabis stocks had a huge showing on Wall Street last fall. In fact, most of the news flow surrounding these stocks had investors pouring money into them. Some of the stocks even doubled or tripled in value in this time.

Although a fair number of these companies are based outside the United States, many of them trade on U.S. indexes. Marijuana is still illegal within U.S. borders on a federal level, but with Canada legalizing weed back in October, many believe that the United States will follow in the near future.

Many investors are focused on getting the jump on the cannabis industry, but they aren’t alone. And with this increased speculation, short sellers have plenty of room to play with whether some prices might be overly inflated.

The May 15 short interest data have been compared with the previous figures, and short interest in most of these selected marijuana stocks increased.

Short interest in Canopy Growth Corp. (NYSE: CGC) increased to 28.28 million shares from the previous 27.28 million. The stock was trading at $44.72 Tuesday morning, within a 52-week range of $24.21 to $59.25.

Tilray Inc. (NASDAQ: TLRY) short interest grew to 5.32 million shares from the previous 4.46 million. Shares traded at $44.06, in a 52-week range of $20.10 to $300.00.

The number of Cronos Group Inc. (NASDAQ: CRON) shares short increased to 29.34 million from 22.91 million in the previous period. Its shares were trading at $15.99, in a 52-week range of $5.61 to $25.10.

Aurora Cannabis Inc. (NYSE: ACB) saw its short interest rise to 89.46 million shares from 88.57 million in the prior period. The stock was trading at $8.35. The 52-week range is $4.05 to $12.52.

Hexo Corp.’s (NYSE: HEXO) short interest grew massively to 10.31 million shares from the previous 5.50 million. The stock was trading at $7.15. The 52-week range is $4.91 to $8.40.

Short interest in Aphria Inc. (NYSE: APHA) increased to 18.97 million from the previous 17.71 million. The stock was trading at $7.57, and its 52-week range is $3.75 to $16.86.