Actually, I got this story from the illustrious Jim Lee, Managing Partner of the investment firm StratFi. He has a great newsletter, and he totally trolled me with this one:
“Does marijuana deserve a place in your portfolio?”
Oh for Pete’s sake, of course I clicked.
“Call it a legacy of the Baby Boomer generation, or a desperate attempt by states to generate new tax revenues. Either way, the decriminalization of marijuana is a trend that is simply too big to ignore.
Colorado expects to take in $180 million in tax revenues during the first 18 months of legalization based on forecast sales revenues of $610 million. When possession was fully legalized, the lines were so long that many dispensaries ran out of product, or engaged in rationing to keep their waiting customers mellow.”
Here’s the sad part: some people could be investing in marijuana in Colorado while other states are using it as an excuse to throw people in jail.
I know a certain doctor who explains why marijuana should be legal, while cocaine and heroin should not: “I’ve never once met a pot whore.”