Jun 22, 2019

Weed stocks chill out

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

#MeToo gets Weinstein

A man carries out Weinstein's walker. Photo: Johannes Eisele/AFP/Getty Images

Hollywood titan Harvey Weinstein is now a convicted rapist, two years and four months after accusations against him helped ignite the #MeToo movement.

Why it matters: To date, #MeToo has resulted in hundreds of powerful men losing their jobs. Seven have been criminally convicted, with four others still facing charges.

JPMorgan Chase to pull support for some fossil fuels

Illustration: Sarah Grillo/Axios

JPMorgan Chase said Monday that it won’t directly finance new oil and gas development in the Arctic and will significantly curtail its financing of the extraction and burning of coal.

Why it matters: JPMorgan is the world’s largest funder of fossil-fuel companies, according to a report by the Rainforest Action Network (RAN). The announcement follows similar moves by other big banks and investment firms, including Goldman Sachs and BlackRock.