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Marijuana stock was beaten again on Tuesday, but a rebound in their worst levels was not enough to prevent the sector from suffering a sixth consecutive loss.
The Horizons Marijuana Life Sciences Exchange Traded Fund
HMMJ, -0.25%
fell 11% in intraday before reducing losses, one day after suffering its biggest drop in a day. A six-game losing streak would be the longest since the seven-day run ending June 9, 2017.
The ETF, down 1.6% in trading afternoon with 34 of the 48 components losing momentum, has now lost 23.5% in its series of defeats today, the worst period in history. six days since the fall of 25.7% recorded on February 7th.
The ETFMG Alternative Harvest ETF
MJ + 0.00%
fell 1.4%, reducing past losses by 8.9%, but also heading for a sixth straight loss.
Cannabis investors turned around when marijuana became fully legal for adults in Canada on October 17. In the two months prior to legalization, the Horizons ETF had increased 47%.
Do not miss: Cannabis is now legal in Canada, but marijuana makers are expecting a difficult start.
Read also: Opinion: The real reason that marijuana stocks fall off a cliff – and what to do now.
Among the most active stocks, Aurora Cannabis Inc.
CBA -6.33%
CBA -6.74%
debuted on the New York Stock Exchange, trading over-the-counter. The reception, however, was not very festive, the title fell by 7.9%. The trading volume was 30.4 million shares, making it the seventh largest stock of the NYSE.
See also: Marijuana stocks to watch out for: Investments in Aurora in cannabis may be more valuable than its pot.
Elsewhere, shares of Tilray Inc.
TLRY, -1.01%
down 3.2%, Canopy Growth Corp.
GSC + 0.52%
slipped 0.9%, Cronos Group Inc.
CRON, + 2.11%
Hexo Corp. reversed its previous losses to 1.7%
HYYDF, + 4.95%
hexo, + 4.47%
3.6% gain, Aleafia Health Inc.
LEAF, + 1.62%
increased 4.9%, Aphria Inc.
APHQF, + 5.44%
APH + 5.07%
put on 4.8%, GW Pharmaceuticals PLC
GWPH, + 1.50%
up 1.3% and MedMen Enterprises Inc.
MMNFF, -1.75%
decreased by 2.6%.
Check-out: MarketWatch's comprehensive coverage of the cannabis sector, including the profiles of a number of key players in one place.
Shares of India Globalization Capital Inc.
IGC + 15.34%
had plunged 19% intraday, before rebounding to 14% in the afternoon, but still lost 42% in the last six sessions. Learn more about red flags for IGC investors.
Shares of Green Organic Dutchman Holdings Ltd.
TGODF, -0.63%
down 1.9% and New Age Beverages Corp. shares
NBEV, + 7.77%
nailed on 6.0%. Shares of Net Element Inc.
DO NOT, -10.28%
It fell 11% after registering a 53% rise on Monday as part of the launch of a consistent payment processing offer for the legal cannabis sector.
Despite massive sales of the pot-stock sector, a study by GfK MRI on the American consumer, in collaboration with Miner & Company Studio, estimates that more than 38 million people, or 16% of the US adult population, consume marijuana, of which 10% use it at least once a month and 4% use it daily.
The study also showed that 55% of users consume it for recreational purposes, while 15% consume it for medical reasons. Of this total, 29% reported using it for both purposes.
Despite a long series of losses, the Horizons ETF was still up 19% over the last three months and the ETFMG ETF up 22%, while the S & P 500 Index
SPX, -0.46%
lost 2.5%.
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