Cult trend stocks of the bull market, such as cannabis and alternative meat, are plummeting even more than the rest of the U.S. market.
From highs hit in the past year, Tilray is down 96%, Aurora Cannabis is down 93%, Canopy Growth is down 81% and Cronos Group is down 78% These stocks have also been some of the most popular names among young investors, with Beyond Meat and Aurora Cannabis in the past year ranking as the most widely-held stocks by millennials.
Some of the hottest stocks of the last couple years have been hit especially hard in this coronavirus market collapse as investors shed all risk taking. Cult trend stocks of the bull market, such as cannabis and alternative meat, are plunging even more than the rest of the U.S. market. In fact, five of the six stocks with the biggest drops from recent highs fall in those two nascent industries., with Beyond Meat and Aurora Cannabis in the past year ranking as the most widely-held stocks by millennials.
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