MEDIF - These 3 Pot Stocks Were Rocked in January but Now They're Bargains
If you were a marijuana stock investor in 2019, chances are you couldn't wait for the year to end. Despite galloping to incredible gains during the first quarter, pot stocks spent the remaining nine months of the year in a precipitous downtrend. When the curtain closed on 2019, most cannabis stock were at or near their yearly, or multiyear, lows.
The good news is that 2020 began a little better for cannabis stocks. Through January, the Horizons Marijuana Life Sciences ETF, a basket fund with four dozen holdings of various weightings, fell just $0.01. That's improvement, considering how badly marijuana stocks had been pummeled of late.
While a handful of cannabis stocks managed to handily outperform last month, there was also no shortage of pot stocks that channeled their inner 2019 and declined by a double-digit percentage. Some of these drops made perfect sense. Aurora Cannabis, HEXO (NYSE: HEXO), and MedMen Enterprises all logged double-digit percentage declines in January, and all three are facing financing concerns, which clearly has investors worried.