Down 65% in 7 Months, Is Canopy Growth Now a Buy?
Marijuana stocks began the year on a promising note, and it's not hard to understand why. Canada had legalized recreational marijuana in mid-October, and Wall Street's expectations for the pot industry remained lofty. With worldwide revenue forecast to hit $50 billion to $200 billion annually by 2030, perhaps it's no surprise that cannabis stocks soared in the first quarter.
However, their performance since then has been dreadful. Most brand-name marijuana stocks have lost at least half of their value, with the largest pot stock in the world, Canopy Growth (NYSE: CGC), shedding over $10 billion in market cap and 65% of its share price since hitting its closing high on April 29. With the most prominent cannabis stock now trading at levels investors haven't seen in two years, the question needs to be asked: Is it time buy?
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Source Fool.com
