Stocks are down across the board globally today. Europe, China and North America are all in the red. Blame the European Commission looking to reject the Italian government’s budget, low conviction in Beijing’s ability to increase confidence, and deteriorating relations following Jamal Khashoggi’s death. Forecasts from industrial companies Caterpillar and 3M compounded global concerns over Saudi Arabia’s diplomatic situation, Italy’s finances and other impending trade-wars.

POT STOCKS BATTERED

In Canada, the big story is the impact on pot stocks. All of the major pot stocks were down, as listed in our pot stock watchlist below. Is it a buying opportunity? Investors who have been paying high multiples for cannabis companies with low revenues but promising futures may be getting a break.

STOCK Last Trade Price Change Percent Change Volume AURORA CANNABIS $9.75 $ (1.67) (14.62) 19,510,422 HEXO CORP $5.00 $ (0.82) (14.09) 5,501,794 APHRIA INC $14.51 $ (1.26) (7.99) 5,440,304 CANOPY GROWTH CO $49.66 $ (4.80) (8.81) 2,760,419 NAMASTE TECHNLGY $1.66 $ (0.25) (13.09) 2,656,659 SUPREME CAN CO $1.34 $ (0.18) (11.59) 2,049,739 NEWSTRIKE BRANDS $0.47 $ (0.07) (12.96) 1,942,623 ALEAFIA HEALTH $1.94 $ (0.46) (19.17) 1,726,589 CANNTRUST HOLDNG $9.78 $ (1.02) (9.44) 1,591,335 ORGANIGRAM HOLDI $5.17 $ (0.82) (13.69) 1,449,732 TILRAY INC $111.10 $ (11.50) (9.38) 1,386,255 THE GRN ORGNC $3.73 $ (0.39) (9.47) 1,221,344 CRONOS GROUP INC $10.37 $ (0.64) (5.81) 1,002,231 HORZN MR IDX ETF $18.40 $ (1.87) (9.23) 572,607

A pot-related stock on the rise in the sea of red? A little known bio-pharma company called Therapix Biosciences (NASDAQ: TRPX). The stock is up nearly 28% to $5.68 on news that Canada’s FSD Pharma (CSE: HUGE) will buy the Isreali company.

Their combined businesses will focus on research and development of cannabinoid treatments. “The intended acquisition of Therapix Biosciences at this time is a pivotal step in the evolution of our company by entering the high-value medical cannabis market,” FSD Director Raza Bokhari said.

Therapix develops vaccines and immunotherapeutics that treat inflammatory and autoimmune diseases. It also produces a Pneumococcal Vaccine and Alzheimer’s Disease Immunotherapy.