BEFORE THE BELL: Pot stock tank over US border concerns expected to weight TSX
Bay Street is expected to feel the pressure this morning from energy and marijuana stocks. Experts say the drop in crude prices yesterday has weighted the TSX as it has big ties with oil production.
However, the price of US oil is starting to regain as it grows to 68.94 a barrel. It’s helping the Loonie as well, as the Canadian currency gains to 76.97 cents US.
A push back from US border officials on marijuana legalization is also causing havoc with pot stocks. Canadians who smoke, sell or invest in marijuana legally will still face a lifetime ban at the border because the US won’t recognize it as a legal operation.
Volkswagen stock is gaining by 1.5 per cent after the company announced it would part ways with its long-running beetle model. The company has attempted a few times to modernize the iconic vehicle, but says sales just aren’t keeping up.