Horizons offers different Exchange Traded Funds (ETFs) to consumers sourced from a variety of industries. Over the past year Horizon’s notable ETFs have been sourced from the cannabis industry with the Horizons Marijuana Life Sciences Index (TSX:HMMJ) and the lesser known Horizons Emerging Growers Index (TSX:HMJR).

There were queues all over Canada on Wednesday as people stood in line to be the first to buy non-medical cannabis legally. This represented a big step forward for Canada as it became the second country in the world, after Uruguay, to legalize the possession and use of cannabis. Whilst medicinal marijuana has been legal since 2001, the recent legalization is the outcome of a promise the Canadian Prime Minister Justin Trudeau made in his 2015 campaign for office.

Cannabis short sellers made over $450 million on the first two days of the week, cutting nearly a third off their year-to-date losses, according to data from financial analytics firm S3 Partners.

Pot stocks fell for six consecutive trading days beginning Oct. 16, the day before Canada legalized recreational marijuana. The BI Canada Cannabis Competitive Peers index tumbled 21 per cent from then through Tuesday’s close, and the Horizons Marijuana Life Sciences Index ETF, the largest pot exchange-traded fund, lost 20 per cent to its lowest level in two months.

Marijuana has now been legal in Canada for an entire week, with things mostly going as expected. Users and curious onlookers have packed into retail stores, while thousands of others have crashed websites ordering their cannabis online. Some folks got their pot without issue, while many others are still waiting for their supply from overwhelmed government agencies.

HEXO Corporation (TSX:HEXO) Monday reported that it has ample leeway to support the growing demand for cannabis in Canada. The Company, being a preferred supplier with the Société québécoise du cannabis (SQDC), has delivered on all its cannabis orders and was also able to replenish stock across the country.

Just as the legal cannabis industry has exploded in recent years, so too has a sector that revolves around the plant's non-psychoactive cousin: hemp-based cannabidiol (CBD). Hemp-derived CBD products continue to dominate the cannabis market as less legal restrictions allow for companies to expand new products to previously untapped consumer segments. The demand for hemp-based cannabidiol has skyrocketed, especially since a 2013 CNN report about the success in Colorado of Charlotte's Web, a CBD product that helped a young epileptic girl control her seizures. CBD is expected to become a billion dollar industry itself and could potentially eclipse the entire traditional cannabis market, according to analysts.

Just days after cannabis was legalized in Canada, the Alberta company that opened five stores on October 17 says it made seven figures in sales over five days.

Alcanna said from the start of sales on the Wednesday to closing Sunday, October 21, the five NOVA Cannabis stores in Alberta made a combined total of $1.3 million.

Canada's main stock index was down more than 200 points on a broad-based decline led by the energy sector, while U.S. markets also sank deep into the red.

Overall, the S&P/TSX composite index was down 248.01 points at 15,164.69.

Stocks in Canada were down across the board, while some of the biggest names in the marijuana business also extended recent losses.

Aurora Cannabis Inc., which debuted on the New York Stock Exchange, was down US$1.38 cents at US$7.31 on the U.S. market. Aurora shares were down C$1.90 at $9.52 on the Toronto Stock Exchange.

In New York, the Dow Jones industrial average was down 396.17 points at 24,921.24. The S&P 500 index was down 49.05 points at 2,706.83, while the Nasdaq composite was down 160.22 points at 7,308.41.

Pot stocks continued a six-day rout Tuesday amid Canadian supply shortages, creating a favourable environment for the next big investment in the space, according to one investor.

Aurora Cannabis Inc. fell as much as 15 per cent in its U.S. trading debut, Canopy Growth Corp. lost 12 per cent and Tilray Inc. tumbled as much as 18 per cent amid broader market weakness. This compounded a string of declines that began a week ago, one day before Canada legalized recreational marijuana on Oct. 17.

The cannabis industry is all about breaking down barriers and making history in 2018.

This year, we've witnessed GW Pharmaceuticals gain approval in the U.S. for the first cannabis-derived drug, and we watched as Vermont legalized recreational marijuana use entirely through the legislative process.

And we can't overlook what might be the biggest news event in the history of the weed industry: Canada's legalization of recreational marijuana last week.