3 Popular Pot Stocks That No Longer Have Billion-Dollar Valuations
For the past couple of years, the marijuana industry has been a big moneymaker. Investors who had the wherewithal and stomach to buy into cannabis stocks well in advance of Canada's legalization are likely sitting on handsome gains right now.
But the tide has decisively turned since the beginning of April. Over the past four-plus months, most cannabis stocks have significantly retraced from their highs, leaving many pot stock investors to scratch their heads in disbelief. Persistent supply issues in Canada, a resilient black market in select U.S. markets, and current weakening market sentiment have all worked to push marijuana stock valuations lower.
As recently as a few months ago, there were 17 cannabis stocks that sported a psychologically important market cap of at least $1 billion. Today, far fewer pot stocks have a billion-dollar valuation. Here are three such marijuana stocks that have recently lost their status in the billion-dollar valuation club.
Source Fool.com
