Sep 29, 2020 (IAM Newswire via COMTEX) —
Last week was a tough week for cannabis stocks as ETFs plummeted with disappointing earnings reports. The ETFMG Alternative Harvest ETF (NYSE: MJ), the AdvisorShares Pure Cannabis ETF (NYSE: YOLO), The Cannabis ETF (NYSE: THCX), the Amplify Seymour Cannabis ETF (NYSE: CNBS) all lost around 6% on average. Even the SPDR S&P 500 ETF Trust (NYSE: SPY) was down 0.4%. The major disappointment was delivered by Aurora Cannabis Inc. (NYSE: ACB)’s beyond disappointing fourth-quarter earnings report. But, the overall industry is not doing bad at all as 2020 will be remembered as a pivotal year.
Despite wreaking havoc on many industries across the world, the legal pot business saw booming revenues as more and more countries legalized marijuana. BDS Analytics Inc., a Boulder-based cannabis market intelligence and research company projected retail cannabis industry is projected to hit $19.7 billion in sales in 2020, marking a 38% jump….