Canopy Growth Corporation (NASDAQ:CGC) and Tilray, Inc (NASDAQ:TLRY) soared 10.59% and 8.76%, respectively, on Monday. The overall sector has been all but demolished since the high times of 2018, when Canada legalized cannabis at the federal level, and the beginning of 2021, when President Joe Biden’s inauguration led many to believe federal legalization in the U.S. may be on the horizon.
Canopy Growth Corporation has plummeted 86% from its Oct. 16, 2018 all-time high of $59.25, while Tilray has plunged about 98% from its Sept. 19, 2018 all-time high of $300. Although the stocks shot up again in February 2021, with Canopy Growth reaching a high of $56.50 and Tilray soaring up to the $67 level on Feb. 10, the sector has failed to sustain any long-term bull cycle.
