Cannabis stocks tumble as a failed Democratic sweep offsets state referendum wins

Shares of cannabis companies tumbled Wednesday, as investor disappointment that a Democratic sweep failed to materialize offset a boost from referendum wins in a number states.

The ETFMG Alternative Harvest exchange-traded fund
MJ,
-2.51%
dropped 2.6% in morning trading, while the Cannabis ETF
THCX,
-2.51%
slid 3.3%.