Since 2021, shares of Tilray Brands (NASDAQ: TLRY) and Canopy Growth (NASDAQ: CGC) are down 70% and 92%, respectively. One thing that can and often does get investors bullish about pot stocks is when there's the hope that legalization in the U.S. might be on the horizon. A classic example of that is what happened when Joe Biden was elected president in 2020 and there was optimism in the industry that with a Democrat in power, it might lead to some progress on marijuana reform.