, Columnist
When Pot Smoke Clears, Profits May Be in Familiar Hands
The marijuana startups aren’t automatically the smart bet.
Green gold.
Photographer: Raul Arboleda/AFP/Getty Images
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Investors may be betting on marijuana in all the wrong places.
Enthusiasm for pot stocks reached a fever pitch last week when investors piled into British Columbia-based Tilray Inc., a developer of cannabis medicinal products, doubling its stock price over three trading days through Wednesday. Volume for Tilray’s stock had averaged 7 million shares a day since it went public on July 18. Last week, that average spiked to 20 million.