Buying on the dip is one thing, but buying on an all-out collapse is quite another. Still, that's a prospect that cannabis investors face today. Many pot stocks are struggling this year after an already tough 2019, and the coronavirus pandemic is making growth an afterthought for some companies who are just trying to survive the crisis.
These three pot stocks -- Harvest Health (OTC: HRVSF) , Aurora Cannabis (NYSE: ACB) , and HEXO (NYSE: HEXO) -- have all lost more than half of their value already this year. Let's take a look to see whether all hope is lost or if any of these companies can turn things around anytime soon.
It's a bit surprising that Harvest Health is on this list, because the company isn't really doing all that badly. In its most recent quarterly results, released on Aug. 11 for the period ending June 30, the company's sales of $55.7 million were more than double its prior-year tally. In addition to that, the multistate operator raised its guidance. Previously, it was forecasting $200 million in sales for 2020, but now it's expecting its top line to come in between $215 million and $220 million.
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These 3 Pot Stocks Have Lost Half Their Value in 2020. Can Any of Them Recover?