Seymour is an asset manager who’s been focused on emerging markets for two decades and was drawn to the marijuana industry a few years ago due to the “tremendous growth” it offers.
The broader stock market took a tumble last week and brought the cannabis stocks down as well. However, considering how high they had gotten, a little reversal seems healthy.
The big news this week, of course, was Canada. The country began its legal adult use cannabis sales on the 17th. While there wasn't a huge amount of dispensaries open, there were some that began sales at midnight.
MedMen (MMNFF) continues its spending spree. The company is buying Pharmacann in a deal valued at $682 million. And seed-to-sale technology provider MJ Freeway has agreed to a merger with MTech Acquisition Corp.
Investors at nearly every level are now throwing money at any cannabis company with a pulse in hopes of cashing in when this thing, whatever it is destined to become, finally matures.
What a crazy week for cannabis stocks. Tilray began the week at $117, which was already a fairly rich valuation. It closed at $154 on Tuesday and then all hell broke loose.
These projections come in anticipation of the passing of the 2018 U.S. Farm Bill, which would fully and unambiguously legalize hemp and its extracts across the country.
Now that marijuana is set to go fully legal in Canada in the coming weeks, investors are flooding the market in hopes of cashing in on the next big thing.