The Globe and Mail reports in its Saturday edition that the idea that today's pot companies will be tomorrow's multibillion-dollar behemoths has driven their shares to astonishing heights, but this is completely divorced from today's financial results. The Globe's David Milstead writes that the vast majority of listed cannabis companies are unprofitable, making a conventional price-to-earnings ratio incalculable. The 62 companies that make up the Solactive North American Marijuana Index trade at an average of almost 84 times sales. By contrast, the average company in the S&P/TSX Composite trades at a little less than three times sales. Many investors have stayed on the sidelines, and they missed a remarkable run in the shares in the two months leading up to legalization. Mr. Milstead wonders if the great pot boom will turn into a big bust. Caution is creeping in. Earlier this month, Veritas analyst Stuart Rolfe initiated coverage on four cannabis stocks -- Aphria, Aurora, Canopy and Cronos -- with "sell" ratings. In the case of Canopy and Cronos, Veritas's estimates of the shares' worth are less than half current market prices. Mr. Rolfe said that planned capacity expansions risk overrunning demand.