Last Updated on 13th March 2020

Top Canadian and US cannabis stocks have taken large hits across the board on an account of a huge stock market sell-off charged by an oil price war between Russia and Saudi Arabia and the coronavirus.

Stocks from 3 major cannabis companies, Tilray, Aurora Cannabis and Canopy Growth all took major hits of 8.3%, 7.7% and 6.5% respectively upon opening Monday morning. And although Aurora and Canopy have both bounced back, there still is an air of uncertainty within these cannabis markets and Tilray is at their lowest price ever since the company's inception.

Although, some states have experienced an increase in cannabis sales as the panic buying and stockpiling of cannabis increases. Initial reports are showing that both the Canadian and US cannabis industries have experienced a drop in sales, believed to be caused amid the chaos caused by the coronavirus, COVID-19.

Individuals who require medical cannabis have been advised by the CDC to stock at least one month's supply, but with some state laws stricter than others for the maximum amount carried, some individuals can’t stock up as easily as others.

The stock market has fallen across the board, but with the cannabis industry still in its infancy and therefore an uncertain place to hold investment, it seems to be an area which is hardest hit in times of overall uncertainty.