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Cannabis stocks plunged again Friday morning, as panicked selling and opportunistic buying continues to drive extreme volatility in the space.

The Canadian Marijuana Index, which tracks 24 leading cannabis stocks, dropped more than 15 per cent in the first hour of trading, before recovering five per cent by noon. That follows more than 11 per cent drop in the index on Thursday that brought it to its lowest level since December.

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All the big names are getting hammered

Shares in Canopy Growth Corp., the largest player in the space, hit a six-week low of $23.29, before recovering to $24.41 by noon – still a long way from the $35 it was trading at last Friday. After falling more than 12.65 and 12.39 per cent respectively on Thursday, other big-name producers Aurora Cannabis Inc. and Aphria Inc. whipsawed on Friday morning, shedding another 12.52 and 10.72 per cent of value by midday.

“All the big names are getting hammered,” wrote Chris Damas, author of the BCMI Cannabis Report, in a morning note to clients. “For day traders with cash, this could be a smart entry point. For the rest, stop and take a few deep breaths if you own a lot of cannabis stocks. Then think about the maximum exposure you can tolerate.”