SMITHS FALLS, Ontario — When Canada became the first major industrialized nation to legalize recreational marijuana, visions of billions of dollars in profits inspired growers, retailers and investors, sending the stock market soaring in a so-called green rush.

A year later, the euphoria has vanished.

“No one wants to invest in it now,” said John-Kurt Pliniussen, a professor of marketing at the Smith School of Business at Queen’s University in Kingston, Ontario.

That is because those who have invested have generally lost money. During the first year after legalization, the value of shares in Canada’s six largest marijuana companies tumbled by an average of 56 percent, according to stock price data.

The marijuana companies say a turnaround is only a matter of time, hoping a big step along the way materialized on Dec. 16, when marijuana-laced drinks and foods arrived in the legal market.