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Cannabis Watch: Cannabis stocks on track for sharp losses on the week after steep selloff

Cannabis stocks were mixed Friday in a falling stock market, putting them on track to end the week with some sharp losses, after suffering seven straight days of declines before a slight recovery on Thursday.

The Horizons Marijuana Life Sciences exchange-traded fund HMMJ, -0.67% was down 1.2%, setting it up for a 16% loss on the week. The ETF has enjoyed gains in just one of the last nine sessions as investors turned more cautious on a sector that had skyrocketed in the run up to Canada’s full legalization of cannabis last week.

The ETF is still up 21% on a three-month basis, with many of its components showing double or even triple-digit gains.

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