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The Pot Stock Bubble Has Burst. Here’s Why

  • Canopy reports ‘astounding’ loss, MedMen to fire 190 employees
  • ‘Capital markets have gone from frothy to completely closed’
A worker inspects a cannabis plant inside a growing room.

A worker inspects a cannabis plant inside a growing room.

Photographer: Konstantinos Tsakalidis/Bloomberg

Wall Street’s exuberance over legal weed has quickly curdled into sober reality.

In a matter of months, white-hot cannabis companies have flamed out in spectacular fashion. Many have lost two-thirds or more of their value.