Cannabis stocks are mostly lower Monday despite a mostly bullish Jefferies note that initiated buy ratings on five different cannabis stocks. 

Analyst Owen Bennett initiated ratings on nine companies while estimating that the legal-weed industry will reach $50 billion in annual sales over the next decade vs. just $17 billion this year.

"We see a base-case conservative industry size of over $50 billion by 2029 and a realistic upside size of $130 billion on wider industry disruption," he wrote. "Global winners to be those that lead in both medical and recreational and have a strong U.S. position."

Bennett also said a "realistic" bullish case could see the industry enjoy as much as $130 billion in sales by 2029 thanks to pot's disruptive nature.

In spite of that sentiment, the ETFMG Alternative Harvest ETF (MJ) - Get Report is down 1.2% Monday, as some of the biggest marijuana names decline. 

Canopy Growth Corp. (CGC) - Get Report shares are down 1.8%.

Tilray Inc. (TLRY) - Get Report is down 1.8%.

Aurora Cannabis Inc. (ACB) - Get Report is rising 2.12% after being initiated with a buy rating at Jefferies. 

Cronos Group Inc. (CRON) - Get Report shares are down 6.9% after being initiated with an underperform rating at Jefferies.