While everything else is down, cannabis stock is up.
“Cannabis stocks in general are up 50 percent for the month of October,” writes trader Alan Valdes for Yahoo Finance. Valdes is the director of floor operations at Silverbear. That shouldn’t be a surprise, as 60 percent of Americans want legalized marijuana.
He points out that cannabis is still federally illegal, but four states (Washington, Oregon, Colorado and Alaska) permit recreational marijuana under state law, while the District of Columbia and 23 states have legalized medical marijuana. In California, recreational marijuana is on the November ballot, where it’s set to double its $2.7 billion in medical sales in the next four years, if it passes.
How does one invest in an industry that’s growing, well, like a weed? Valdes recommends doing your homework with sites like the coming-soon Cannabis Stock Picks, which will review small publicly-traded companies in the industry, and The Fresh Toast’s own coverage of cannabis news, including the RX section.
[h/t Yahoo Finance]