Pot stocks on pace for second-worst day ever as Tilray tumbles

An exchange-traded fund that tracks popular pot stocks fell sharply on Monday, led by shares of Canadian marijuana company Tilray.

The ETFMG Alternative Harvest ETF(MJ) dropped more than 8.5 percent. At that rate, it would be the fund's second-worst day ever. It fell 9.76 percent on Dec. 28, 2016.

Tilray led the sharp decline in pot stocks, falling more than 15 percent. Tilray was also on pace to post its worst day since Oct. 2, when it dropped 16.25 percent.

Toronto-listed Aurora Cannabis and Canopy Growth also contributed to the decline, sliding 11.3 percent and 10.5 percent, respectively.

Pot stocks have recently gained popularity after Tilray CEO Brendan Kennedy told CNBC's Jim Cramer in September that pharmaceutical companies should partner with cannabis producers as a possible hedge against the space.

The MJ ETF, however, is still up more than 25 percent over the past three months despite Monday's losses. It is also up more than 9 percent in the past year.

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