Cannabis stocks end a dismal year near all-time lows

Most cannabis stocks lost roughly two-thirds of their value in 2022 as a lack of movement on federal prohibition, along with weakness in equity markets, weighed on the sector.

While U.S. cannabis companies continue to increase revenue as legal adult-use cannabis sales begin in new states such as New York, the headwinds seem unlikely to change in 2023, given the makeup of the post-midterm Congress that will take up the reins of the federal government in the new year. Alphabet Inc.’s GOOG Google will lift some advertising bans on cannabis in selected areas of the U.S. in 2023.

Among individual names, some of the hardest-hit include Ayr Wellness Inc. AYR.A , down 92% for the year, and TerraAscend Corp. TRSSF , which has lost nearly 83% of its value in 2022. Pot stocks shot out of the gate in 2018, when Canadian adult-use sales started ramping up and companies such as Canopy Growth Corp. CGC and Tilray Brands Inc. TLRY started listing their shares in the U.S.

congress can move on anything it seems-cant even stop changing the time back and fourth

People want it, states want it . Most of the country is medical . With several states recreationally legal . Big liquor and Big Pharma don’t want it , and they make election contributions to senators .

Look pot legalization will be a disaster for this nation it's falling apart now with drugs and woke Marxist ideology and republicans who vote for it needs ran out of office in disgrace .

Awe. Next time you see a drug dealer, give them a hug.

That's funny. It's not a market that I believe the government was ever going to allow to make money. That was kind of the deal. Feds don't legalize it but they'll take billions of dollars in profits from it.

If they’re not good someone will buy up the whole pot market.

Profitwise legal marijuana is bad biz unlike illegal cocaine

😪

That stuff makes you dof

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