Cannabis companies are having a horrible summer as scandals mount and stocks slide
The cannabis sector has hit a summer slump, weighed down by a series of scandals, regulatory deadlock and a growing sense that the industry is not delivering the gold rush-like returns that some investors were expecting.
The ETFMG Alternative Harvest ETF MJ, +0.74% has fallen 17% in the last three months, as the major stock benchmarks have stretched to fresh highs. The S&P 500 SPX, +0.74% and Dow Jones Industrial Average DJIA, +0.19% have gained about 3% in that time frame and hit record levels.