Market Wrap: CDC Ties THC to Vaping Disease Outbreak

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The Center for Disease Control and Prevention has for the first time identified THC as playing a roll in the recent outbreak of a mysterious vaping related lung illness that has infected 805 people in the U.S.

Of the 514 patients who have provided the CDC with data on the substances they used, 77% reported using THC-containing products and another 36% reported exclusive use of THC-containing products.

That compares to 16% who reported using nicotine-containing products exclusively.

However, the CDC also reiterated that the investigation is ongoing and that no single product or substance has been linked to all lung injury cases.

The CDC's new report may have something to do with the downturn in cannabis stocks Friday.

Additionally, Bank of America downgraded Canopy (CGC) - Get Report to neutral from buy and also slashed its price target to $27 from $46. The price target is only a slight upside from the stock's closing price Thursday of $27.74.

Bank of America analyst Christopher Carey said he sees a swoon in Canopy's stock that will match a second half pause in Canada's cannabis industry growth.

Carey said there is too much risk in Canopy shares as long as estimates are at their current levels.

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