Three years ago when Canada legalized recreational weed and investors’ enthusiasm was higher than a weed party, a Bizworld column pointed out the pitfalls of investing in marijuana stocks.

Canada’s 17 marijuana stocks were overvalued at $3.5 billion with a mere $30 million total sales. None were profitable.

Not much has changed in the profit ledger.

The top 11 as selected by Investopdia and Cantechletter have increased sales but still bleed red ink like an atmospheric river.

Between them these companies are on track for $3.7 billion sales in the current fiscal year with losses of $3.9 billion. Hardly inviting to investors.

Together they have accumulated deficits of $2.25 billion since starting.

Only two are showing a profit. Canopy Growth and Grow Generation are making money.

Grow Generation is on track for $14 million profit supplying cannabis producers with the tools to grow product. At $13.45 US it is near the low and one-fifth of the high price.

Grow Generation might be the best bet on industry growth.

Aurora Cannabis is on track to lose $12 million. Priced at $7.53 the shares are near the low and one-third of the high. The company is paring back over-built operations.

Tilray will lose $740 million this year. Priced at $10.35 near the low, it is at 38 per cent of the high price.  A merger with Aphria gives some hope.

Cronos Group looks like it will lose $151 million this year. Priced at $5.23 it is one-fourth of the year high. Tobacco’s Altria owns 45 per cent and should keep the company afloat.

Hexo Corp. is on track for a $468 million loss. Priced at $1.11 it is near the year high and low. A new CEO is working to digest three acquisitions.

High Tide should lose $32 million this year. The $6.27 price is just over one-third the year’s high.. High Tide’s hopes are pinned on the retail model with discounts like Costco.

Village Farms International will lose $14 million this year. Priced at $7.67 it is one-quarter of the high. Village is a big greenhouse operator in tomatoes and recently marijuana and hemp.

Curaleaf is looking at a $100 million loss this year. The $11.95 price is less than half the high price. The company operates in 23 states down south as well as Canada, France and Israel.

Too many companies are still chasing the market. Operators have made many mistakes in this new industry by over-building and over-estimating revenues.

Regulations hinder the branding of products and advertising to become dominant.

These 11 stocks are worth putting on the watch list.