It’s turning into a decent summer for the major cannabis stocks. Of course, there’s a lot of ground left to recover, but the difference between this year and the last one is striking.
Last summer, the entire group crashed. This year, since May 31, two of the giants are actually in positive territory for the season: Tilray Inc. (NASDAQ:TLRY) and Canopy Growth Corp. (NYSE:CGC).
While the gains aren’t huge, it’s great to see these stocks get a little traction. We’ve lived through a year of consolidation and quite a bit of pain here, so any news is good.
A few companies that wanted to make a big splash have gotten their stocks de-listed and their supply contracts handed to rivals. They were too ambitious.
But TLRY and CGC are demonstrating that they’re built to last. You don’t have to be the fastest company in a new market to succeed. You only need to be the last one standing at the end.
At this point, TLRY and CGC have convinced investors that they’re in it for the long haul. While we’d all love this industry to get back to work and make money fast, sometimes that’s all it takes.