No one has to tell marijuana investors that their chosen industry is very up-and-down. We're currently in a bit of a down cycle right now, which is broadly defined by a cooling off in acquisition activity, and general investor apathy toward cannabis stocks.

That, at least, is the take of longtime Fool contributor Eric Volkman in conversation with healthcare and cannabis bureau chief Corinne Cardina in this Motley Fool Live video segment recorded on July 16. 

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Corinne Cardina: Eric, we're more than halfway through 2021, if you can believe it. Much of this year has been defined by the economic recovery from the coronavirus pandemic. What has 2021 looked like for cannabis investors?

Eric Volkman: I think we're seeing, not so much right now, like these last couple of weeks, but in preceding months we saw some consolidation. The biggest example would be Aphria's absorption of Tilray (TLRY 0.58%) and its later appropriation of the Tilray name, so Aphria and Tilray together are called Tilray. A whole lot of other smaller deals, a lot of deals where a company would buy a network of three dispensaries or a grower somewhere. That's been a trend.

A lot of that has to do with the increase in popularity, at least for a little while, of pot stocks because as their share prices go up, they have more scope to use their shares as currency in acquisitions. Since then, since they've gone down from that particular time, you've seen a decline in acquisition activity.

Right now, I'd say it's a fallow period. Investors are looking at other assets besides pot stocks. I wouldn't say it's a hot sector right now.