Last year an old friend sold his BigBoy restsurant in Plymouth mi. I believe he ended up $1.2 million after taxes. Invested every penny in marijuana stocks.One blew up within months after Canada legalized recreational. Made a cool $500k. Couldn't believe he did that as we both have had our share of bad investments. The number 1 rule in investing in the stock market is never put your eggs all in one basket. One bad one was Xbernaut. They supposedly had all the patents for mobile computing devices which should have covered smart phones, it imploded after reaching $25 a share to virtually pennies.
All I know is the marijuana industry is just starting. My friend invested in every facet from growing to the companies that make the packaging.
I'm not jumping in like he did but to not to invest at all would be pretty dumb on my part. Some of the stocks are already profitable. Trulieve and Curaleaf are the 2 companies that run the dispensaries here in florida? I'm looking @ Pura as they sound interesting as well. I'm starting with a couple thousand on Truelieve and plan on contributing a small % if my yearly income after that. I already have a pretty good chunk in my 401k with Manulife.
Would be curious what others are thinking about this new industry as it will only get bigger imo. Eventually I think it will be taken off Schedule 1 classification by the federal government. When that happens it'll blow up like the internet stocks did back in the late 90's. A penny for your thoughts?