3 Top Pot Stocks to Watch in August
It has been a summer to forget for cannabis investors. Over the past three months, the ETFMG Alternative Harvest ETF has fallen nearly 18% and the Advisor Shares Pure Cannabis ETF has dropped more than 11%. Over that same period, the SPDR S&P 500 ETF has risen 7%.
There are reasons for the drop, of course, but some of them are overblown. Concerns about the delta variant's spread are unfounded considering how well marijuana companies fared when things were shut down last year.
Another more valid concern is the cold water that came in July with the long-awaited release of the draft of the Senate bill that would legalize marijuana at the federal level. The level of taxes in the bill were high -- as much as five times that proposed by the MORE Act that was passed by the House at the end of last year. On top of that, the Senate bill would require 60 votes to pass, meaning at least 10 Republicans would have to vote yes, even if every Democrat voted for it.
Source Fool.com
