Marijuana stocks sink as full legalization in Canada fails to inspire investors
Shares of companies in the cannabis business were broadly, and in many cases sharply lower, despite marijuana becoming fully legal in Canada. The ETFMG Alternative Harvest ETF tumbled 6.5% in morning trade, with 27 of 37 components trading lower, to extend Tuesday’s 3.7% pullback. Among the more active pot stocks, Canopy Growth Corp. dropped 8.2%, Tilray Inc. lost 6.0%, Aurora Cannabis Inc. plunged 15%, Cronos Group Inc. slumped 9.9%, New Age Beverages Corp. shed 9.0%, India Globalization Capital Inc. slid 7.3% and MedMen Enterprises Inc. lost 6.0%. As of Wednesday, Canada became only the second country in the world to legalize marijuana for recreational use. The pot sector ETF has now gained 39% over the past three months, while the S&P 500 has slipped 0.2%. More about the emerging cannabis sector: A guide to pot stocks: What you need to know to invest in cannabis companies
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