That REIT was priced and repriced steadily lower prior to its public debut. To me, it makes sense in one way and in another way it doesn't. The greater weight of the evidence says it doesn't.
Thus far, the success stories have everything to do with private ventures. Growing, processing, packaging, consulting, retailing. All privately owned and operated. If there is any investment it's from private individuals or private companies.
There is another MJ related company listed in New York. COSI. It is a mini conglomerate. Among its holdings is the makers of Sterno. It purchased a hemp farm in Canada last year. To that I say no big deal.
The most expensive in terms of price and the most valuable in terms of market valuation is GW Pharmaceutical (GWPH), listed on NASDAQ. It was founded in 1998. Current price 120.01. Market cap for the sake of round numbers 3 billion. 25 million shares outstanding. American investors have poured 800 million into this company which has developed a drug that does alleviate symptoms of either epilepsy or multiple sclerosis, I can't remember.
Can one say this is the second round of marijuana mania? Perhaps yes, provided one has no memory of the internet, telecom and biotech companies during the 1998-2000 period how they were so extremely overvalued.
But there is an apples to the oranges comparison here. In the 1998-2000 period, these companies at times sported market valuations in the multi billions. The daily dollar volume of trading in them was worth billions.
In OTC Land, these marijuana companies are, to say the least, extremely overvalued. However, the daily dollar volume with most issues on any given day goes from a few hundred bucks to maybe a million on occasion.
One must be mindful of the media reportage during that period, and how it fueled that investment bubble. Bloomberg, CNBC, the Wall Street Journal, Nightly Business Report, Barron's, etc. aren't focused on even the private MJ related ventures.
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