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Welcome to spring and what a fantastic time to be part of the legal hemp and cannabis industry whether as an active participant in the industry or as a curious bystander.
I encourage you to read our current Canadian edition because not only is our feature company this month a Canadian Securities Exchange listed company with American operations (Vireo Health International Inc) but also because I had the pleasure of an exclusive interview and Q&A with Todd Harrison of CB1 Capital. Here is one excerpt of that interview when I asked Todd about those who compare this industry to the dot-com era:
We agree with the dot.com analogy for a few reasons. Everything they said tech would be in the run-up to Y2K proved true but not before a massive crash. The same should prove true for cannabis but it’s a question of timing. If the three phases of any market move are denial, migration and panic, one could argue we’re still in denial given the Federal illegality and society perception. We think banking reform will usher in the migration as Wall Street adopts the space and packages financial products for sale. And then we have US decriminalization, UN reclassification and clinical trials to fuel the transition to panic, or FOMO.
So that’s on the horizon; and much like dot.com, after that thrust higher, Facebook and Friendster and MySpace, or the cannabis-equivalent of them, will figure out what they want to be when they grow up, or if they’re fortunate enough to age. Most of the 700-odd cannabis stocks will likely fail, just as most dot.com stocks did, but we believe the ones that succeed will create generational wealth. As an aside, we think people will be astounded by the ubiquity of the use-cases and end-products, most of which are non-euphoric, or how it will touch almost every industry. It’ll be fun to watch evolve.
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