Up in smoke! Why ASX cannabis shares are having a bleary day

Not too many investors are having a good time today. At the time of writing, the S&P/ASX 200 Index (ASX: XJO) is down 2.18% to 6,633points, snapping the healthy momentum that 2021 had brought until now. One ASX sector is fairing a lot worse than the broader market. That sector is ASX cannabis shares. Cannabis shares are going up in smoke today, underperforming the ASX 200 quite handsomely.

Take Cann Group Ltd (ASX: CAN). CAN shares are getting smoked with a  2.34% loss at the time of writing to 62 cents a share. Althea Group Holdings Ltd (ASX: AGH) is fairing even worse, down 4.17% to 46 cents. Elixinol Global Ltd (ASX: EXL) is down 1.58% to 19 cents a share, and Ecofibre Ltd (ASX: EOF) is down 3.75% to $1.8 a share.

So why are…