November 14, 2018 / 5:29 PM / 8 months ago

BUZZ-Pot stocks slip after bigger-than-expected loss from Tilray, Canopy Growth

(Updates)

** Canopy Growth shares down 10 pct at C$45.50, while Tilray Inc fall 8.8 pct to $101.62 after posting bigger-than-expected qtrly net losses

** Canopy Growth ramped up spending in the run up to the legalization of recreational use of pot in mid-Oct, while TLRY blamed lower avg selling prices per gram due to higher bulk sales

** Cannabis companies have been pouring cash into their businesses to fend off competition and open stores, as well as to tap the rising number of approvals for marijuana use globally

** Cronos Group Inc fell 3.8 pct, company reported bigger-than-expected quarterly loss on Tuesday

** Aurora Cannabis was off 8 pct, while Aphria Inc declined 8 pct

** Tilray has surged nearly ~500 pct from its IPO price of $17 in July

** Cannabis-focused ETFMG Alternative Harvest ETF has fallen 10 pct this year (Reporting by Amy Caren Daniel and Debroop Roy in Bengaluru)

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