Since its peak in August 2018 in the run-up to Canada’s legalization of recreational weed, cannabis stocks tracker MJ ETF has dropped 70%. M&A fell 80% and capital raising slumped 70% to $2.71 billion through July 31, according to the Viridian cannabis deal tracker.

However, as pot demand surged in lockdowns, stock prices have recovered, raising prospects that funding will be available for some deals.

“You’ll still see a lot of the same funding sources but they’re going to be much more diligent and cautious with their dollar,” said Avis Bulbulyan, CEO at cannabis consultancy Siva Enterprises.