No so long ago, many people were into cannabis stocks. It was the trendy thing to do. Pot is the next big thing! With legalization, a lot of people will buy pot! Canada will become the new Amsterdam! It's gonna be Woodstock every day in the Great White North! And "Dark Side of the Moon" will once again top the charts!
Of course, nothing happened. Some people started to buy a bit of weed, but only junkies started to buy pot on a regular basis.
I've known a few people who were excited about pot stocks. Their excitation was closely linked to their appreciation of the chart for these stocks. They didn't see a special thing in results or in popularity among consumers. They just thought that this party would never end.
And of course, the party ended.
WEED.TO stock price:
April 1st, 2017: 9,13$
April 1st 2018: 30,11$ (about 6 months before canadian legalization)
April 1st 2019: 67,67$ (about 6 months after canadian legalization)
April 1st 2020: 22,20$
April 1st 2021: 33,15$
March 31th 2022: 9,52$
LOLLLLLLLLLLL at those of thought that cannabis would become the new Iphone.
Everyone gets to laugh at some point of the journey. Those who were in pot stocks during the rallies could laugh at those who felt proud of their 15% annual return. The "value" investors are always waiting on the sidelines for hyped assets to crash so they can turn on the hate juice. There's a whole herd just praying for the day Bitcoin and Tesla crash because they missed out. Sometimes the party ends but what kind of life is it to never attend parties?
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