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.
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.
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) - Get Report 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.