Cannabis stocks, which have largely been in a downtrend since the spring, had a particularly bad week. Most of the major stocks in the group suffered double-digit percentage losses in a week where the broader market returned nearly 1%.
The main culprit was the release of a terrible earnings report on Thursday morning, Nov. 14, from industry giant Canopy Growth (NYSE: CGC), which is often considered a bellwether for the cannabis sector. Moreover, a few of the other larger growers also released quarterly earnings last week -- most notably, Aurora Cannabis on Thursday after the market closed -- that added to the group's torpedoing to varying degrees.
Amid the wreckage, one major cannabis player's stock kept on taking its cue from the '60s musical sensation The 5th Dimension by going up, up and away: Innovative Industrial Properties (NYSE: IIPR), a real estate investment trust (REIT).