Unfortunately for its shareholders, the Stemcell United Ltd (ASX: SCU) share price has sunk lower once again.
In afternoon trade the medicinal cannabis company’s shares are down 3.5% to 8.5 cents. This latest drop brings its three-month decline to over 57%.
Whilst this is a disappointing decline, spare a thought for investors that bought shares at its peak of 41 cents in March.
Since hitting that level after announcing that it had appointed the industry-acclaimed “King of Cannabis” Nevil Schoenmakers as a strategic adviser, its shares have lost almost 80% of their value.
Whether or not its shares will ever reach those levels again, only time will tell.
Stemcell United is just one of a number of medicinal cannabis companies that are listed on the Australian share market.
If you’re not familiar with the pot stock industry, here is a recent break down of what is going on in the industry at the moment.