(Bloomberg) -- Cannabis stocks were off to a shaky start in pre-market trading Wednesday, hours after Canada’s legalization of adult use went into effect. Medical pot producer Tilray Inc. underperformed peers, while Canopy Growth Corp.’s U.S.-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 percent since hitting its 52-week low on Aug. 14, while the Horizons Marijuana Life Sciences Index ETF surged 70 percent in Toronto.
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