Cannabis Funds Plunge Amid Declining Us Sales
Canadian ETF Market | Dec 19, 2023 09:14
Cannabis funds have been marked by significant volatility this year with many of them recording double-digit losses. The Cannabis & Psychedelics theme plunged -2.33% last week, bringing its year-to-date performance to -20.70%.
Despite a robust rebound observed at the beginning of September - spurred by speculation surrounding potential legislative leniency towards cannabis - it proved insufficient to offset the substantial losses incurred earlier in the year. More recently, multiple States including Michigan and Illinois reported reductions in Medical Cannabis sales through November exerting further downward pressure on cannabis funds.
As an illustration, the Horizons US Marijuana Index ETF (NLB:HMUS) (HMUS) lost 11.52% while recording outflows of $317k over the week.
h2 Group Data/h2
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