Despite being the first industrialized country to legalize adult-use pot in the modern era, Canada’s ambitions of being a marijuana leader have gone up in smoke.
For years, cannabis stocks were virtually unstoppable. Following a more-than-tripling in worldwide sales between 2014 and 2018 to $10.9 billion, Wall Street and investors sent pot stock valuations into the stratosphere.
At the center of this growth trend was Canada. Even though the U.S. offered far more potential in dollar terms, Canada, as the first industrialized country to legalize adult-use sales, appeared ready to lead the global marijuana market into its next chapter.
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