In July 2018, Tilray, the Canadian-based cannabis company, went public on the Nasdaq, becoming one of the first weed firms to list on a big U.S. exchange. On its first day of trading, shares jumped 35% and Tilray became the first beloved pot stock.

A few months later, Tilray hit $214 per share, valuing the startup—which had $27.5 million in revenue at the time—at $17 billion, an all-time high. But shares have been in a painful decline ever since. After seven years of no meaningful movement at the federal level to legalize marijuana in America and brutal competition in Canada’s small cannabis market, Tilray’s stock price has now dropped below $1, recently trading at 49 cents. Last month, the Nasdaq sent the company a warning that it could be delisted.