Are We Discounting Cannabis Stocks too Much?
I used to be a major bear on cannabis stocks. It wasn’t a particularly bold stance (remember Tilray trading at an EV/sales of 420 in 2018?), but I was vehemently on the other side of the pot stock bubble of 2018. If you don’t believe me, here is a poorly written blog post to timestamp my take. Since the 2018 peak, the North American Marijuana Index, which tracks the largest public companies in the industry, has fallen from 300 to just above 100. That’s is awful relative to an