Pot stocks tumble in first hours of Canada’s legal weed market

Cannabis stocks were off to a shaky start in pre-market trading Wednesday, hours after Canada’s legalisation of adult use went into effect. Medical pot producer Tilray Inc. under-performed peers, while Canopy Growth Corp.’s US-listed shares briefly turned positive before giving up the gains.

The sector has been on a tear since mid-August on optimism ahead of Canada’s move to become the biggest legal market for recreational use of marijuana. The ETFMG Alternative Harvest exchange-traded fund has added 62% since hitting its 52-week low on August 14, while the Horizons Marijuana Life Sciences Index ETF surged 70% in Toronto.

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