For the first time all year, marijuana stocks didn’t have investors seeing green — or at least the right kind of green. Pot stocks took investors on a nauseating ride lower in May, with the Horizons Marijuana Life Sciences ETF, the first very first cannabis exchange-traded fund, shedding more than 13% of its value last month, which was almost double the decline of the broad-based SP 500.
Out of the 56 marijuana stocks I regularly keep tabs on, a mere nine ended May higher, with five of those names advancing by roughly 5% or less. Meanwhile, of the 47 pot stocks that ended May lower, 35 of them ended down by at least 10%. Suffice it to say, the buzz surrounding the green rush came to a crashing halt, at least for one month.