Things are so bad, Weedmaps is looking to go private.
Since the beginning of the year, the Pure US Cannabis ETF is down 48%, TerrAscend is down 62%, and Canopy Growth down 45%.
Those trading in weed stocks have gotten very good at being patient while waiting for the promised weed renaissance. However, it doesn’t look like 2025 will be the year.
That’s according a new article over at MarketWatch. Reasons for this includes a Trump presidency that seems content leaving the marijuana issue to the states (he endorsed marijuana legalization in Florida, but never on a federal level) and a Congress that doesn’t have marijuana reform anywhere near the top of its to-do list.
Also, a “lawyer active in the pot space” told MarketWatch that it doesn’t seem likely that the DEA will act on rescheduling marijuana until 2026 or even later. That info is enough to sink stocks even lower.
There are some potential silver linings. Pennsylvania is looking more and more likely to take up some kind of legislation with their Governor Shapiro stating it as a priority. Hawaii and New Hampshire also have bills in the works, and New York will have a record breaking year in sales now that they’ve begun cracking down on illegal sites.
The sweeping proclamations will have to wait, and because of that those stocks are going to have to remain hidden away in your portfolio. I guess it’s never too early to start looking toward 2026…
Read the original article at MSN.
