from what I personally am seeing
there seems to be rotation/shrinking volumes, out of Canopy which I believe if fully valued, into others like ACB and APH which lag in valuations. Yes, the valuations are ubsurd but the whole market complex's are basically mirroring this POT arena , so when markets get like this investors are looking out at least 6 months out and attaching a premium to these stocks going forward.I know its buyer beware time when stocks pe ratios get out of whack , but as the old saying goes, markets can remain irrational longer than you and I can remain solvent.
on a sidenote, the pro and funds can run markets up irrationally with cheap low interest fiat currency utilized in leverage, and, buy the VIX as hedge protection, hence, is why I believe these markets have not cratered. JMHO.