Is Marijuana Stock Aurora Cannabis Headed to $0?
If you think the past seven weeks have been ugly for investors, narrow your focus a bit and take a gander at cannabis stocks.
Through the first quarter of last year, more than dozen marijuana stocks had gained at least 70% over a three-month period, and sales projections for legal cannabis kept creeping higher. Then, the bubble burst, with most pot stocks losing anywhere from 50% to 95% of their value over the past 12-plus months.
Perhaps the poster child of the boom-bust nature of cannabis investing is Aurora Cannabis (NYSE: ACB). Aurora, the most popular stock by a long-shot on millennial-focused online investing app Robinhood, has lost approximately 92% of its value since mid-March 2019. Now valued at a mere $0.80 per share (albeit still equating to a $960 million market cap), the question has to be raised: Could Aurora Cannabis go to $0?
Source Fool.com
