A recent Barron’s article by Steve Garmhausen, titled ‘Pot Stocks Can’t Be Ignored’, puts a spotlight on the strong performance of marijuana stocks through the first three-quarters of 2018. As the article notes, “Marijuana stocks have been an investor darling this year, with even hedge fund billionaire Leon Cooperman betting his own money in the sector.” The most recent buying frenzy in the space came on the heels of a late-August report that alcoholic beverage giant Diageo (NYSE: DEO) was in talks to invest in or partner with at least three Canadian cannabis companies. Tilray (NASDAQ: TLRY), one of the largest and most sophisticated producers of premium medical cannabis in the world, saw its shares skyrocket from $17 at its July IPO to a high of more than $62 earlier this week. Likewise, Cronos (NASDAQ: CRON), which commenced trading on the Nasdaq in February, rose from a mid-August low of $5.65 to a 52-week high of $12.89 in the wake of the Diageo news. “This is like bitcoin levels, the kind of move Tilray is making,” cannabis investor Jason Spatafora told MarketWatch. “The market is completely irrational.”
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