Canopy Growth (CGC - Get Report) , the world's largest cannabis company by market value, was weighing heavily on the sector Thursday after the company reported losing C$1.28 billion in the first quarter.

This loss was tied to extinguishing warrants from Constellation Brands'  (STZ - Get Report) investment in the company, but investors weren't forgiving about the loss and wide miss. 

The company reported losses of C$3.70 a share on revenue of C$90.5 million. The company didn't provide adjusted EPS information. 

Analysts polled by FactSet were expecting Canopy Growth to report an adjusted loss of 38 cents Canadian a share on revenue of C$111.9 million. 

That revenue miss and billion-dollar loss was enough to take out the whole cannabis sector Thursday as cannabis stocks continued reeling from Tilray's (TLRY - Get Report) disappointing results. 

Canopy Growth shares (CGC - Get Report) fell $4.59, or 14.38%, to end at $27.34.

Tilray shares (TLRY - Get Report) fell $3.92, or 10.04%, to $35.12.

Among other sector names: Aurora Cannabis shares (ACB - Get Report) fell 42 cents, or 6.9%, to $5.67 while Aphria shares (APHA) fell 43 cents, or 6.73%, to $5.96.

Cannabis ETFs fell. The Alternative Harvest ETF (MJ - Get Report) fell $1.41, or 5.2%, to $25.71. The AdvisorShares Pure Cannabis ETF (YOLO) fell $1.19, or 5.94%, to $18.84. The Horizons Marijuana Life Sciences ETF (HMLSF) fell 86.62 cents, or 7.03%, to $11.46.