More bad news for Big Marijuana. The largest pot ETF, AdvisorShares Pure US Cannabis, is getting absolutely clocked. This week saw it hovering well below $2.50, a massive climbdown from its stratospheric high February 2021 of $55.05. What put it in freefall? Hopes around federal legalization of marijuana reached a crescendo during the early days of the Biden Administration. But they never materialized. Now, communities are fighting back. Terrible data around pot’s health harms continues to emerge and horrify public officials. The FDA is signaling big–time unfriendliness. And hopes for rescheduling seem to have gone up in smoke. Indeed, morale in the marijuana industry may be the lowest it’s ever been. Unrealistic expectations and weak science combine into one hell of a drug.