The green rush is over – or at least on an extended pause – and those who invested in cannabis during those early, heady days probably have The Blues. Once upon a time, Canopy Growth Corporation (CGC) was the biggest marijuana stock of them all. In 2019, it had a market cap north of $17 billion and was backed by billions of dollars from Constellation Brands. Today? The company’s value is bouncing back and forth between about $250 million and $350 million. Last month, it reported a net loss of about $2.5 billion for 2022 and warned investors of its ability to continue as a “going concern.” Just a few days ago, an analyst with investment firm Eight Capital published a report called “Last Puffs of the Roach,” in which he put a $0 price target on CGC shares. “Up in Smoke” might have been a better title.
Headlines out of the cannabis industry are full of such news, from the recent bankruptcy of leading cannabis retailer Fire & Flower to the acquisition of cannabis producer Hexo by Tilray, a cannabis conglomerate that we’ve long avoided. It took us years before we finally took a hit off this dirty bong water of a sector and
