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Expand chart
Source: FactSet. Chart: Harry Stevens/Axios

Cannabis stocks are notoriously volatile. On Aug. 1, 2018, Tilray — a Canadian company that calls itself "one of the largest and most sophisticated producers of premium medical cannabis in the world" — was worth $1.66 billion.

By the numbers: A mere 35 trading days later, on Sept. 20, it was worth $16.37 billion. Today, it's worth $3.3 billion.

Look past the day-to-day volatility in individual stocks, however, and a bigger picture appears: The marijuana sector as a whole, as valued on mostly Canadian stock exchanges, is not only enormous but pretty stable in size.

  • The 8 largest companies, collectively worth $39 billion today, have been worth somewhere between $36 billion and $44 billion pretty much all year.

The bottom line: This might well be a bubble. But if it is, we've moved past the get-rich-quick stage. Pot valuations aren't soaring any longer — but they're not declining, either.

Go deeper:

Correction: The chart at the top of this story previously misidentified one of the cannabis companies. Its name is Curaleaf, not Cura Cannabis.

Go deeper

4 hours ago - Politics & Policy

First look: The LCV's $4M ad buy

A screenshot from a new League of Conservation Voters ad supporting Rep. Stephanie Murphy.

The League of Conservation Voters and Climate Power are aiming another $4 million worth of ads at centrist House Democrats, urging them to support the climate provisions in President Biden’s $3.5 trillion budget reconciliation package, Axios has learned.

Why it matters: Progressive groups are trying to counter the onslaught of conservative money pouring into swing districts. Both sides are trying to define Biden’s Build Back Better Agenda and pressure lawmakers to support — or oppose — the legislation scheduled for a vote in the House this week.

4 hours ago - Politics & Policy

Shutdown Plan B

Illustration: Sarah Grillo/Axios

The Senate will hold a futile vote Monday night — just 72 hours before a potential shutdown — on a House-passed bill to fund the government through Dec. 3 and raise the debt limit.

Why it matters: The bill is going to fail. Period. But then comes Plan B: A "clean" continuing resolution — stripped of language about raising the debt limit — that Democrats spent the past week preparing, Axios is told.

Glenn Youngkin's play: Forever- and Never-Trumpers

Glenn Youngkin in Harrisonburg, Virginia, on Friday. Photo: Win McNamee/Getty Images

Standing on a flatbed hitched to a John Deere tractor in red Rockingham County, Virginia, Glenn Youngkin decried California liberalism and bashed his rival, Terry McAuliffe. He also encouraged early voting. Two words he avoided: Donald Trump.

Driving the news: Youngkin, the Virginia Republican gubernatorial nominee, is mounting a serious challenge to McAuliffe — a former governor and veteran of Democratic politics. Axios caught up with him on Friday in Harrisonburg, Virginia.