Everyone’s favorite (until Thursday) pot-stock, Tilray, is tumbling in the pre-market, testing back towards $100 – down 66% from Wednesday’s record highs – leading the emerging cannabis sector lower on the day.

This is the 3rd losing day in a row – a record losing streak for the newly-minted company…

Peers in the emerging cannabis sector also fell Monday, with U.S.-listed shares of Cronos Group down 3.6 percent and Canopy Growth Corp. lower by 2 percent.

“Marijuana’s the flavor of the year — everybody’s been clamoring to buy,” says Mike Tomkins, an independent financial adviser in Nanaimo, who’s had several clients that invested in Tilray in recent months. He advised them to cash out at least part of their holdings during the stock’s parabolic climb last week to as high as $300 a share.

Did they listen? “Never,” he said by phone. “In most of their opinions, this is just the tip of the iceberg — things are just getting started.”

Tomkins recounts being in a parking lot recently when his ex-mother-in-law approached him to ask about buying marijuana stock. “That’s when you know everyone’s talking about it,” Tomkins said.

To counter this slide, a number of pitches are being seen pointing to the potential from European expansion. Bloomberg reports that attitudes are starting to change, in both the U.K. and Europe.

Two British children with epilepsy, Alfie Dingley and Billy Caldwell, were given special permission to import cannabis oils early this year, after public wrangles with the government put the substance’s benefits in the limelight, according to Thomas. “It’s very difficult to argue against that sort of anecdotal evidence,” he said.

In France, 82 percent are in favor of making cannabis available for medicinal purposes, according to a survey of 2,005 people by think tank Terra Nova in June. And 75 percent of Britons support prescriptive cannabis, YouGov said in May, prior to the Dingley and Caldwell cases. Germany legalized medical marijuana use in March 2017.

On July 26, U.K. Home Secretary Sajid Javid said cannabis-derived products that meet safety and quality standards will be re-categorized this fall. Sativa’s stock jumped 25 percent the same day. Reclassification will give U.K. investors a real idea of how the medicinal cannabis market will work, Thomas said.

Much of the populace lacks understanding for cannabis and has “this historic image of people smoking joints on street corners,” said Thomas. “I just hope that the regulators behind the politicians don’t put up barriers.”

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