Marijuana stock sell-off reminds Tom Lee of bitcoin, dotcom bubble

The mania and then share-price descent in marijuana stocks reminds market pro Tom Lee of two other big crashes, in 2018 and the early 2000s.

The Fundstrat Global Advisors managing partner told CNBC on Monday that the cannabis sector’s performance appears similar to the bitcoin craze and the height of the dot-com bubble at the turn of the century.

Lee didn’t go so far as to say that a bubble was bursting in the marijuana sector. But he said the industry reminds him of some of the early internet business models, which he described as a sort of “profitless prosperity.”

“There might be a growing demand, but until someone can really capture value properly, it’s going to be tough to be creating something that generates sustainable return and equity,” Lee told “Closing Bell.”

Some analysts have pointed out for a while that the pot industry was reminiscent of bitcoin’s run, beginning in 2017.

Like the marijuana sector, cryptocurrency became a…