Pot stocks ETF tumbles 20% and faces its worst daily drop in its history as Cannabis trade flames out

Dow Jones2021-02-12

MW UPDATE: Pot stocks ETF tumbles 20% and faces its worst daily drop in its history as Cannabis trade flames out

One of the most popular ways to gain exposure to the cannabis industry was facing the worst single-day decline since it was created back in 2015, according to Dow Jones Market Data. The ETFMG Alternative Harvest ETF $(MJ)$ on Thursday was down more than 20% and on track to snap a three-day win streak as it heads to its worst day since inception, Dec. 3 of 2015. Stunningly, the ETF was still nursing an 11% gain for the week and an 81% gain in the year to date, highlighting the nearly unfettered appetite for pot stocks that has gripped the market in recent days. The decline for the popular ETF comes as Cannabis shares were tumbling sharply across the board Thursday, with many of the sector's best performers a day earlier surrendering all those gains. Tilray Inc. (TLRY), a recent market darling, was last down 42%, while Aphria Inc. (APHA.T), with which it is merging, was down over 30%. Pot stocks have been reignited on bullish bets for positive political developments and a better legal landscape under President Joe Biden. Meanwhile, the broader market was seeing tepid gains, with the Dow Jones Industrial Average was off 0.2%, the S&P 500 index trading flat and the Nasdaq Composite Index gaining a modest 0.3% on the session.

-Mark DeCambre; 415-439-6400; AskNewswires@dowjones.com

$(END)$ Dow Jones Newswires

February 11, 2021 12:11 ET (17:11 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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Atwosome
2021-02-12
Atwosome
Worst trading day for pot/weeds/cannabis with favorite losing 30% to 40% [喷血]

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The <a href=\"https://laohu8.com/S/MJX\">ETFMG Alternative Harvest ETF</a> <a href=\"https://laohu8.com/S/MJ\">$(MJ)$</a> on Thursday was down more than 20% and on track to snap a three-day win streak as it heads to its worst day since inception, Dec. 3 of 2015. Stunningly, the ETF was still nursing an 11% gain for the week and an 81% gain in the year to date, highlighting the nearly unfettered appetite for pot stocks that has gripped the market in recent days. The decline for the popular ETF comes as Cannabis shares were tumbling sharply across the board Thursday, with many of the sector's best performers a day earlier surrendering all those gains. <a href=\"https://laohu8.com/S/TLRY\">Tilray Inc.</a> (TLRY), a recent market darling, was last down 42%, while <a href=\"https://laohu8.com/S/APHA\">Aphria Inc.</a> (APHA.T), with which it is merging, was down over 30%. 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