One more thought I will toss out here for people to reflexively disregard
I believe penny stocks that have already risen to a certain high point in the past have a greater likelihood of moving back to that high point simply by having been there before. Not a much greater likelihood, mind you, but a greater likelihood. Also, I should add that cannabis-related investments comprise a small fraction of my portfolio. They are the nitroglycerin additive I stick in the tank to seek higher performance, while remaining aware that too much will blow up the engine.
That said, the majority of cannabis stocks I own have at one time or another been valued at many multiples of their current value. Let's use VPOR as an example. On 9/30/2011, this stock hit an all-time high of $5.00 per share. Right now the same stock is trading for $0.0015 per share. Back in 2011, VPOR shares were worth 3,333x what they are now. By comparison, ACAN had an all-time high of $6.00 in 2014, and shares are currently selling for $3.95, for a multiple of 1.5x. Now unless someone is looking for upside potential on the order of the NASDAQ, I see little reason to invest in a stock like ACAN when other canna stocks offer far greater potential gain based on past performance. If I bought $1,000 of ACAN and it returns to its previous all-time high, the initial investment would be worth $1,500. If I bought $1,000 worth of VPOR and it returns to its previous all-time high, the initial investment would be worth $3,333,000. If one is looking for portfolio nitro like I am, buying decent stakes in 10-20 solidly performing canna stocks with wildly divergent lows and highs like VPOR offer far more latent potential than stocks such as ACAN with narrower past price action. I'd buy a tech IPO rather than ACAN.
That's all I got. Tldr and slam away