Investor interest in cannabis appears to be leveling out with fewer searches for leading stocks
Fewer people are searching for “ACB stock,” the New York Stock Exchange listing for Aurora Cannabis, compared to just a few months ago. A look at google search statistics for several leading cannabis stocks reveals a declining interest in the sector, and that’s bad news for public cannabis companies.
It appears that the tremendous hype surrounding marijuana stocks is finally subsiding. Searches for “Aurora Cannabis” and “Aurora stock” were both surging in September. The number of searches dipped momentarily until Aurora opened on the NYSE in October, sending the number of searches to spike.
Now, less than one month later, the number of searches for terms related to Aurora Cannabis have fallen back down to their pre-September levels. Other leading stocks in the sector are experiencing a similar drop in search popularity. Tilray had just one major peak in September, reaching up to 100,000 searches at one point.
The number of searches for Tilray and its related terms (TLRY) did not simply decline through October but fell back down to the bottom. The stock was only pulling around 5,000 searches per day by the middle of November.
Interest in Canopy Growth has faded as well, but not to the extreme of Tilray. Searches for the stock spiked twice recently, once in the middle of August and once in the middle of October. By the middle of November, it was back at around 25,000 searches per day.
The data is concerning for these specific stocks, which are riding a wave at the top of the industry, but not for the overall marijuana movement.