Cannabis stocks tend to hibernate during the summer and giants Canopy Growth Corporation (NASDAQ: CGC) and Tilray, Inc. (NASDAQ: TLRY) have lulled into a sleepy sideways action.
Canadian cannabis giant Tilray, Inc. (NASDAQ: TLRY) finalized its first harvest of medical cannabis grown in Germany via its German subsidiary Aphria RX GmbH.
The Global Cannabis Stock Index fell for the fourth straight month, dropping 4.1% to 57.10.
During the second quarter, the index was down 8.7%.
After gaining 5.2% in 2020 when it ended at 44.39, the index is up 28.6% in 2021 and has gained 94.2% over the past year.
The index dropped 38.3% from its 2021 closing high of 92.48 on February 10.
As the cannabis industry keeps pushing forward, more companies are moving to list their stock on a major U.S. exchange like the NYSE or NASDAQ. The club, however, remains relatively small.