The Globe and Mail reports in its Saturday, Oct. 19, edition that year one of legalized cannabis in Canada was a dud. The Globe's Jameson Berkow writes that it was an unmitigated disaster for many investors. The bubble burst, and the shares of most large Canadian marijuana producers dropped by at least 50 per cent. The public markets are largely closed to the industry. There is no appetite for more pot stocks. The Trudeau government's goal was not to make shareholders or investment banks rich, though. It was to whittle down the black-market marijuana business. Giving cannabis users a place to buy regulated marijuana would generate new tax revenue, open up new business opportunities and reduce the burden on police and the courts. By that measure, the first year was underwhelming, to say the least. The best estimates are that the legal market represents somewhere between 12 per cent and 30 per cent of cannabis consumption. The bulk of sales are still underground. That is partly because the rollout of stores has been so slow in Ontario. Some of this will get ironed out in year two. Entrepreneurs across the country say the approach has been to legalize but then overregulate, rather than get behind the sector.