Canadian cannabis stocks skyrocketed after the country fully legalized marijuana in 2018. The market promised tremendous growth potential. Major players such as Canopy Growth (CGC), Aurora Cannabis (ACB), and Aphria (now part of Tilray Brands) quickly established themselves as industry leaders, raising billions of dollars and relentlessly expanding both domestically and internationally.
However, soon enough, the market was hit by a number of headwinds - including regulatory challenges, oversupply, rising black market sales, and U.S. legalization uncertainty. Canadian cannabis players struggled to make a profit. To survive, a few of them were wise enough to diversify their businesses or merge with other cannabis companies.
