November 9, 2018 / 6:26 PM / 2 years ago

BUZZ-Short sellers recouping losses on cannabis stocks

** Cannabis short sellers recouping their losses in the wake of the Weds rally, according to Ihor Dusaniwsky of S3 Partners

** Pot stocks surged on Weds as Michigan voters approved measure to legalize recreational marijuana use and U.S. Attorney General Jeff Sessions, a staunch opponent of the drug, was fired

** Cannabis shorts were down $292 mln in mark-to-market losses on Weds

** However on Thurs the stocks broadly fell; Tilray Inc plunged 15 pct, U.S. shares of Aurora Cannabis Inc dropped 6.4 pct, U.S. shares of Canopy Growth Corp fell 7.9 pct, U.S. shares of Cronos Group Inc declined 8.9 pct and ETFMG Alternative Harvest ETF lost 6.1 pct

** On Thurs cannabis shorts took in $265 mln in mark-to-market profits

** Cannabis stocks headed for more losses on Fri: ACB down 4.6 pct, CGC down 7.0 pct, TLRY down 3.2 pct, CRON down 2.6 pct, MJ down 4.7 pct

** Short interest in cannabis stocks now at $3.35 bln, with $1.38 bln added since mid-yr

** “We can expect more momentum short trading in the more largely shorted, more liquid and larger capitalized securities,” including CGC, ACB, CRON and TLRY, wrote Dusaniwsky

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