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The investing parallels of alcohol and weed

The investing parallels of alcohol and weed

Imagine for a moment that you could go back in time to 1932, the year before the 21st Amendment to the U.S. Constitution was ratified, repealing Prohibition (and the 18th Amendment). What might you do with the knowledge that the production, transport and sale of alcoholic beverages was about to be legalized? What sort of investment opportunities might you find? How would you deploy your capital?

Fast-forward to 2017. Might we be in a similar, if not exactly parallel, situation regarding a different investment opportunity?

It's a question I have been thinking about since the announcement that Canada will consider legalizing marijuana for recreational use. According to Bloomberg...