While the market is listing today, weighed down by big names Goldman Sachs (GS) and Boeing (BA), there is real damage in the marijuana sector.

Weed stocks are getting smoked, and now some are wondering if this is crypto all over again.  The marijuana ETF (MJ) is down 12.7% since March 19^th.  There is no doubt about the potential, but the industry is still hampered by massive fragmentation and the inability to do intrastate banking.  But mostly the hype is fading. 

I don’t think this is going to a crypto-like implosion, but failure to win or gain statewide approval in New York and New Jersey, coupled with recent revenue miss for Cronos Group (CRON), has been a buzzkill for the industry. 

As for the broad market, I must admit, I’m surprised the major indices aren’t lower considering the length and magnitude of the rally.   Perhaps this small decline is a bigger buy signal than if we saw the market slightly higher.