Cannabis Stocks Nosedive 14% as Legalization Stalls, Losing Hundreds of Millions in Value
• Cannabis stocks have plummeted 14% in 2023, massively underperforming the S&P 500's 23% gain • An index of the 100 biggest pot stocks has lost hundreds of millions in market value this year • Cannabis is still federally illegal in the US, classified as dangerous as heroin and LSD • There has been little progress toward federal legalization under President Biden • Pot companies face aggressive taxes and often have to list on small exchanges due to legal status