October 17, 2018 / 3:01 PM / 8 months ago

BUZZ-Weed stocks come off highs after Canada legalizes recreational cannabis

** Shares of pot companies that rallied on anticipation of recreational cannabis becoming legal in Canada, fall hours after legalization goes into effect

** Shares in Canopy Growth, the world’s most recognized cannabis producer, down 3.2 pct in Toronto trading; stock has more than doubled in value this year; Cronos Group off 6 pct

** Weed enthusiasts in Newfoundland and Labrador, Canada’s easternmost province, kicked off first permissible sales at midnight

** Other U.S.-listed marijuana stocks Tilray, New Age Beverages, Cronos Group down between 5.9 pct and 9.3 pct

** Tilray up nearly 537 pct since July US debut, NBEV up 190 pct, CRON up 35 pct

** Eight Capital analysts say “continue to recommend that investors take a tactical approach to deploying capital in the cannabis sector”

** “We expect an increase in volatility over the next 12 months as the market reacts and adjusts its expectations accordingly to the adult-use market roll out” - Eight Capital analysts said

** Horizons Marijuana Life Sciences ETF down 1.62 pct; ETFMG Alternative Harvest ETF down 5.8 pct (Reporting by Sruthi Shankar in Bengaluru)

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