ETFMG Alternative Harvest ETF (MJ)

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Cowen downgraded Aurora Cannabis Inc. (ACB.T), Tilray Inc. (TLRY) and Sundial Growers Inc. (SNDL) to market perform from outperform on Monday, and said it's increasingly cautious on the outlook for cannabis in Canada . Analyst Vivien Azer said the headwinds that have rocked the sector from pricing to too few stores to inventory do not appear to be easing and Cannabis 2.0, the second phase of legalization involving edibles and other derivatives, are unlikely to be a panacea. Canopy Growth Corp. (WEED.T), the market leader, is now Azer's only outperform rate stock among Canadian licensed producers. "After already having lowered our 2020 TAM a cumulative 27% since January 2017 , we are now forecasting C$3.5 bn ( $2.6 billion ) in legal market cannabis sales (including medical cannabis and taxes), which is 32% below our prior forecast," Azer wrote. "More narrowly, we expect of C$2.5 bn of adult use net sales compared to the current run-rate of C$1.8 bn ." Aurora's U.S. -listed shares were down 6% premarket, while Tilray was down 7% and Sundial was down 2.6%.