Pot Stocks Have Cost Investors $40 Billion (on Paper) Over the Past 7 Months
What a difference even a few months can make when it comes to the cannabis industry.
During the first quarter of 2019, marijuana stocks did what they've been doing for the better part of three-plus years -- printed money for their shareholders. In the first quarter, 14 pot stocks moved higher by at least 70%, and the Horizons Marijuana Life Sciences ETF, the first exchange-traded fund focused on cannabis, gained more than 50%. Pardon the pun, but expectations remained high with Canada having legalized recreational weed in October, and numerous U.S. states pushing toward some form of medical or recreational weed legalization.
However, it's been almost straight downhill since the end of March. In fact, it's almost hard to believe that, at one point in April, more than one dozen marijuana stocks possessed at least a $1 billion market cap. The industry that looked to be ascending to the heavens has been pulled out of the ground by its roots.
Source Fool.com
