Cannabis stocks have been pummeled in recent months, losing a significant amount in market value in the process. It turns out the market was far too quick to factor the potential growth of the industry into the valuation of several of the top pot companies, none of which have performed nearly as well as one might have hoped.
Leading this descent into the abyss has been Tilray (NASDAQ: TLRY), whose shares climbed to as much as $180 late last year, just a few months after it went public. Tilray's shares have plunged by about 80% since, but even though the cannabis industry is still facing serious issues, the company is holding out hope it can turn things around.
There's nothing quite like an impressive financial performance to get back in the good graces of investors. Tilray had the chance to do so when it released its third-quarter earnings report on Nov. 12, and though the company showed some modest signs of a potential turnaround, it wasn't nearly enough to whet investors' appetites.