Excitement about the coming green rush is hitting fever pitch and everyone wants a piece.
While large growers are getting the lion’s share of headlines, individual investors are making their own way and creating their own success stories.
We recently caught up with Matthew Powell, a Toronto-based educator, musician, and self-described global citizen. He’s making money investing exclusively in legal weed.
“I spoke to a friend last year who was building this beautiful custom house with the money he made from his Apple stock. He bought a small amount years ago when one share cost five dollars and only sold it recently. I think legal weed is going to explode, especially with July 1 coming in Canada. It’s the next big thing.”
Asked how he’s fared so far: “I’ve doubled my money and reinvested back in other companies. For example, I had some shares in Moncton, NB’s Organigram, and sold them to buy into Wildflower. I think Nutritional High are doing interesting things with edible research so I’ve got some of that.”
“I don’t really have any ‘go-to’ source for market information. I pretty much just Google “marijuana stock news” and then just go from there. I find my way into forums and just try to read and learn what’s going on and which companies are doing what.”
Asked for advice for those aspiring to make money investing in cannabis, he offered the following:
- Avoid the hype. “By the time a stock is written up in the newspaper, the opportunity to get in at a low price (in the short term) is gone. I made this mistake buying a stock the day that big news was splashed everywhere. It spiked and now it’s down. Hit the forums and get the inside info before everyone else.”
- Keep it affordable. “I’m only investing about the equivalent of a dinner in a nice restaurant per month. If I lose it, I lose it. It’s hard to get too emotional when I’m staying within what I can afford to part with.”
- Diversify. “While it’s true that all my investments are in weed, I invest in growers, edible producers, and other different areas of the cannabis market.”
With a bit of research and a web browser, literally anyone can make money in legal weed.