Although the Auscann Group Holdings Ltd (ASX: AC8) share price finished the day 1.1% higher at 44.5 cents, it has been a disappointing month for shareholders of the medicinal cannabis company.
Since this time last month AusCann’s shares have lost close to 14% of their value.
This statistic becomes even worse if you stretch it out to a six-month timeframe. During this period of time the pot stock has fallen a whopping 48%.
These declines are largely the result of speculators betting on its shares rallying higher and higher.
But unfortunately investor appetite for pot stocks appears to be waning at present and speculators have been heading to the exits in their droves.
It’s not just AusCann’s share price which has been hit. Over the last six months the shares of fellow pot stocks Creso Pharma Ltd (ASX: CPH), MMJ Phytotech Ltd (ASX: MMJ), and Zelda Therapeutics Ltd (ASX: ZLD) have all suffered from double-digit declines.
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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.