The Globe and Mail reports in its Tuesday, Dec. 31, edition that Horizons Marijuana Life Sciences Index ETF (HMMJ) ($8.17), which once commanded more than $1-billion of investors' money, has fallen to its lowest point ever. The Globe's David Milstead writes that the fund's unit price is down 66 per cent since March 19 and has been halved since the middle of August. Canadian cannabis stocks have tumbled in 2019 as most companies have badly missed sales expectations in the sector's troubled rollout. The sector did not get a break from bad news over the holidays. Aurora Cannabis, Canopy Growth, Cronos Group and Organigram Holdings have all saw their shares decline. As the market capitalization of pot companies shrivels, a number of smaller cannabis companies are getting dropped by the index-makers which determines the stocks held by funds such as HMMJ. In a group of 80 pot stocks that have been members of the Solactive North America Marijuana Index at one point in 2019, just 16 have posted positive returns for the year. Thirty-eight of the 80 companies have lost at least half their value in 2019. Horizons uses the Solactive index as the basis for HMMJ, but can make adjustments based on the stocks' liquidity.