After huge recent stock gains on the hopes of a larger market for legal pot in the U.S., Canadian cannabis companies didn’t offer much to justify the exuberance Monday.
Pot stocks experienced big gains in the past three sessions on hopes that presumptive President-elect Joe Biden would provide a path to the federal decriminalization of cannabis. In the same election that Biden challenged incumbent President Donald Trump, four states legalized recreational sales of the drug, leading to one-third of Americans living in states that have approved legal adult use of marijuana.
Only Canadian pot companies trade publicly on the large U.S. exchanges, and three of those companies released quarterly earnings Monday amid stock gains of 30% to 150% since the open on Thursday. Only one, Canopy Growth Corp.
CGC,
WEED,
was able to show sales growing appreciably from last year, despite opening of the…
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