Why Hexo, Tilray, OrganiGram, and Sundial Stocks Are Wilting

As of 2 p.m. EDT Thursday, shares of marijuana stocks Hexo (NYSE: HEXO), OrganiGram Holdings (NASDAQ: OGI), Tilray (NASDAQ: TLRY), and Sundial Growers (NASDAQ: SNDL) are all sliding, down 4.7%, 2.6%, 2.4%, and 1.6%, respectively -- and the reason appears to be marijuana legalization. In a column this morning, the Los Angeles Times laid out the facts about the marijuana legalization bill soon to be introduced for consideration by the U.S. Senate. As the paper reports, the draft Cannabis Administration and Opportunity Act promises to decriminalize marijuana sale, possession, and use, clear the criminal records of "nonviolent offenders of federal cannabis laws," and "formally" recognize that states can decide for themselves whether or not to legalize pot.