Shorting Cannabis Stocks Is Getting Costly [The New York Times]
IHS Markit Ltd. Common Shares (INFO)
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Source: The New York Times
Get the DealBook newsletter to make sense of major business and policy headlines — and the power-brokers who shape them. __________ Betting against cannabis stocks has come with large losses and big fees this summer. A case in point: Aurora Cannabis. Short sellers, investors who profit when a stock price falls, have poured into the Canadian cannabis company’s stock since the start of August. The number of shares shorted rose 76 percent over that period. Their price, though, has climbed 46 percent, including an 18 percent gain Monday after BNN Bloomberg reported that Coca-Cola had held talks with Aurora to develop beverages. That rise has cost short sellers $50 million over the past six weeks, according to S3 Partners , a financial technology and analytics firm. Since the start of August, shares of publicly traded pot stocks have gained 30 percent, on average, according to IHS Markit. Over that period, short sellers have lost $626 million, according to S3 Partners. Wh
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