The California Department of Tax and Fee Administration has announced that it will increase taxes on the regulated cannabis industry yet again. The markup rate for the marijuana excise tax will increase from 60% to 80% on New Year’s Day.

Pot stocks just keep getting destroyed.

We definitely live in an age of fads. People just keep chasing the next shiny pebble, hoping that “this is the one”.

Not all cannabis ETFs perform equally well given their different constituents and below is the performance of each in September ranked from the best (-2.5%) to the worst (-18.5%).

So far in September, the 19 pure play non-penny marijuana stocks are up 10.5% compared to just a 2.3% return for the 313 pot stock universe strongly suggesting that the resurgence came almost exclusively from the larger cap stocks in this sector.