Trump enforcement news hits cannabis stocks

Comments from White House press secretary Sean Spicer on Thursday that federal authorities could start cracking down on recreational marijuana businesses sent cannabis stocks on a roller-coaster ride Friday, with some stocks tumbling as much as 15% in early morning trading.

As of late Friday afternoon, a U.S. cannabis index – MarijuanaIndex.com’s collection of 17 cannabis-related stocks that trade mainly over the counter – was down 4.45 points, or 5.81%, from its opening price of $75.40.

The index plunged about six points to start the day, trading at just over $69 per share, before regaining a few points over an up-and-down day.

The stock that took the the biggest hit was United Cannabis Corp., a Denver-based consulting company whose shares were trading down almost 13% an hour before the closing bell. The next two biggest losers were Surna Inc. and Terra Tech Corp., both cannabis conglomerates that were down about 10% and 9% respectively.

Not all cannabis stocks were down.

Axim Biotech, a New York-based company developing cannabis-based medicines, and GrowGeneration Corp., a Denver-based hydroponic and gardening retail chain, were trading above their respective opening prices as of late Friday, but just barely.

The Canadian cannabis index, a collection of 10 stocks, was down late Friday afternoon by about 2%.

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