Pot Short Sellers Make First Profits of 2020 Amid Stock Sell-off
- Global rout nets $237 million in profits for shorts Monday
- Bets against the sector made over $1 billion in 2019
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Betting against cannabis stocks became a money-making proposition for the first time this year on Monday amid a broad market sell-off.
Short sellers in the 20 most-shorted pot stocks made $237 million as of midday, pushing them into the black for the first time in 2020 with $107 million in total mark-to-market profits, according to data from financial analytics firm S3 Partners. Total short interest in the top 20 cannabis stocks is sitting at $3.5 billion.