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Cannabis Watch: Cannabis stock selloff resumes as Canopy’s disappointing earnings continue to weigh

Cannabis stocks resumed their selloff on Monday in a continued response to last week’s disappointing earnings from industry leader, Canada’s Canopy Growth Corp., the biggest company in the sector measured by market capitalization.

Canopy shares CGC, -2.69%WEED, -3.00% fell 3.3% in early trade to bring their month-to-date losses to 12.5%, after fiscal fourth-quarter earnings showed declines in recreational sales of cannabis from the previous quarter and higher-than-expected costs.

“We’re still seeing the Canopy report spill over into the sector as people work their way through the numbers,” said Korey Bauer, portfolio manager of the Cannabis Growth mutual fund CANNX, -1.96% recently launched by Foothill Capital Management.

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