When Canada legalised marijuana just over a year ago, it seemed like anyone who was anyone wanted to break into the market.
The media nicknamed the frenzy Canada’s “green rush”, as investors like Snoop Dogg and the former head of Toronto’s police force clamoured to get a slice of the multi-billion-dollar-pie.
But like the gold rush of the 1850s, the lustre would soon fade, leaving prospectors in the dust.
“It didn’t take a rocket scientist to recognise that these stocks were trading on fantasy and not on fundamentals,” says Jonathan Rubin, CEO of New Leaf Data Services.
With decades of experience in the energy commodities markets, Mr Rubin saw the legalisation of cannabis in states like Colorado and California in the US (and later Canada) as a “once in a lifetime” opportunity to get in on the ground floor of a brand-new commodity.
“I had this epiphany that this is going to be a commodity just like any other commodity,” he told the BBC.
To read more, click on https://www.bbc.com/news/world-us-canada-50664578