The Globe and Mail reports in its Friday edition that before the pandemic, cannabis companies were booming with frequent initial public offerings and strong momentum, but it turned out to be a classic bubble that eventually burst. The Globe's guest columnist Philip MacKellar writes that back in late 2022, he wrote a bearish piece about the prospects for the sector -- and for Canopy Growth in particular. The article noted that many pot stocks had fallen over 90 per cent from their highs due to negative revenue trends, big profit losses, weak balance sheets, dilution and insider selling. It concluded Canopy Growth and similar stocks were not on the watchlist for Contra the Heard Investment Newsletter. Since then, Canopy's stock has plummeted 95.7 per cent, with many peers experiencing similar declines. The market is diverging, with companies like Canopy, Tilray Brands, and OrganiGram Holdings still struggling. Their shares continue to decline, and they are posting consistent net losses and insider selling, indicating little change since 2022. The silver lining here is that these stocks are no longer expensive. They could be value traps. Mr. MacKellar says Aurora Cannabis and Cronos Group are starting to look interesting.