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Pot stocks turn lower, head for 7th straight loss; Aurora Cannabis seesaws to gain

Investors in marijuana stocks may have to wait a little longer for something to cheer, as an early bounce faded Wednesday, placing the sector in danger of extending an already lengthy losing streak. The Horizons Marijuana Life Sciences exchange-traded fund

HMMJ, -6.14%

fell 4.1% in afternoon trade, after erasing an earlier gain of as much as 3.4%. The sector tracker had already tumbled 24% amid a six-session losing streak through Tuesday, which was the longest stretch of losses since the seven-day streak ending June 9, 2017. The ETFMG Alternative Harvest ETF

MJ, -4.77%

slumped 3.2%, after being up 3.3% at the intraday high. The ETF had dropped 22% the past six days.

The sector has had a rough time since marijuana became fully legal for adult use in Canada on Oct. 17. Among the most active pot stocks, Aurora Cannabis Inc.

ACB, -6.76%

seesawed back into negative territory, falling 2.5% in afternoon trades after being up as much as 6.9% then down as much as 1.7% intraday. The stock had marked its NYSE debut on Tuesday with a 12% plunge. Read more MarketWatch’s profile on Aurora Cannabis. Shares of ICC Labs Inc.

ICC, -2.89%

, the company Aurora said last month it was buying for the U.S. dollar equivalent of about $220.4 million, dropped 2.9%. The Vancouver-based producer and distributor of medicinal cannabinoid extracts and recreational hemp in Uruguay and medicinal cannabis in Colombia said Wednesday that advisory firms Institutional Shareholder Services Inc. and Glass Lewis & Co. both recommended ICC shareholders for in favor of the acquisition by Aurora.

Shares of Tilray Inc.

TLRY, -9.11%

tumbled 8.0%, reversing an earlier gain of as much as 5.8%, and have now plunged 33% over the past seven sessions. Among other active stocks, Canopy Growth Corp.

CGC, -7.71%

dropped 5.7%, Cronos Group Inc.

CRON, -8.33%

shed 6.1%, Aprhia Inc.

APHQF, -7.12%

lost 4.9%, Hexo Corp.

HYYDF, -5.04%

slipped 0.8% and New Age Beverages Corp.

NBEV, -14.34%

slid 11%, while Supreme Cannabis Co.

SPRWF, -1.46%

gained 1.1%. Elsewhere, shares of GW Pharmaceuticals PLC

GWPH, -4.16%

slid 4.9%, Green Organic Dutchman Holdings Ltd.

TGODF, -5.83%

lost 4.2%, India Globalization Capital Inc.

IGC, -15.31%

declined 8.4% and MedMen Enterprises Inc.

MMNFF, -8.42%

gave up 4.6%. Don’t miss: Possible red flags for potential investors in IGC Shares of Corbus Pharmaecuticals Holdings Inc.

CRBP, -5.32%

which develops drugs to treat inflammatory and fibrotic diseases by targeting the endocannabinoid system, declined 2.9%. B. Riley FBR analyst George Zavoico started coverage of the company with a buy rating and a share- price target of $22, which is 206% above current levels, citing optimism over the outlook for ongoing clinical trials. “If the trials show a significant improvement in disease symptoms, quality of life and reduction in caregiver burden, [then] we expect rapid adoption by patients who are poorly served with available therapies,” Zavoico wrote in a note to clients. Despite the sector’s long streak of losses, the Horizons ETF was up 18% the past three months and the ETFMG ETF was up 18%, while the S&P 500 index

SPX, -2.80%

has lost 4.7%. Check out next: MarketWatch’s comprehensive coverage of the cannabis sector, including profiles of a number of key players, in one place

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