Is the Most Popular Pot Stock Worthless?
This was supposed to be the year that the cannabis industry shrugged off its label as a speculative investment and showed Wall Street that it was a viable long-term investment opportunity. The thinking had been that, with Canada legalizing adult-use cannabis in October 2018 and legalization momentum building in the U.S., pot stocks would deliver profits in 2019. But to utter a widely used cliché in the cannabis space, these forecasts have gone up in smoke.
Although there have been a few marijuana stocks to rise over the course of the year, most have been taken to the woodshed. Maybe none of the declines has been more surprising to investors than Aurora Cannabis (NYSE: ACB), which has lost 55% year to date.
The reason I refer to this as "surprising" is that Aurora Cannabis is, by far, the most popular pot stock on the planet. On online investing app Robinhood, nearly twice as many members are holding Aurora Cannabis' stock as the second most-held stock on the entire platform. And according to one investment analyst, things could still get a whole lot worse for the company.
Source Fool.com
