The ETFMG Alternative Harvest ETF , which tracks the cannabis sector, lost 0.7% in morning trade Wednesday, as a surge in shares of component Philip Morris International Inc. wasn't enough to prevent an 8th-straight decline, and a potential 2nd-straight record closing low. Since inception in December 2015, the previous longest losing streak was 7 sessions, which occurred 4 times, in October, July and June of 2018 and January 2016. Among its most active components Wednesday, shares of Philip Morris rallied 6.3% while Altria Group Inc. slipped 0.6%, as the companies called off merger talks. Elsewhere, the U.S.-listed shares of Aurora Cannabis Inc.'s shed 1.4%, Canopy Growth Corp. edged up less than 0.1% and Tilray Inc. gave up 0.7%. Over the past three months, the ETF has tumbled 30%, as shares of Aurora fell 37%, Canopy dropped 40% and Tilray lost 43%, while the S&P 500 gained 2.0%. Read More...
The ETFMG Alternative Harvest ETF , which tracks the cannabis sector, lost 0.7% in morning trade Wednesday, as a surge in shares of component Philip Morris International Inc. wasn’t enough to prevent an 8th-straight decline, and a potential 2nd-straight record closing low. Since inception in December 2015, the previous longest losing streak was 7 sessions, which occurred 4 times, in October, July and June of 2018 and January 2016. Among its most active components Wednesday, shares of Philip Morris rallied 6.3% while Altria Group Inc. slipped 0.6%, as the companies called off merger talks. Elsewhere, the U.S.-listed shares of Aurora Cannabis Inc.’s shed 1.4%, Canopy Growth Corp. edged up less than 0.1% and Tilray Inc. gave up 0.7%. Over the past three months, the ETF has tumbled 30%, as shares of Aurora fell 37%, Canopy dropped 40% and Tilray lost 43%, while the S&P 500 gained 2.0%.
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