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is a Toronto-based business reporter for the Star. Follow her on Twitter:
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Things have been looking up for cannabis recently, with more U.S. states hopping on the legalization train, and sales in Canada skyrocketing during the pandemic.
And yet, since a peak in February 2021 driven by Reddit investors, the biggest cannabis stocks have been trending down ever since.
So, is this a classic case of buy low, sell high? Or should you wait until the market settles before investing?
Some experts, including Dan Hallett, vice-president of research at HighView Financial Group, say the industry is still too young to be a safe bet. They say most investors should stay away, especially from picking individual stocks.
“It’s hard enough to pick stocks in established industries … it’s exponentially harder when it’s not even clear who the leaders are or will be,” said Hallett.
Chris Damas, editor of the BCMI Cannabis Report, said cannabis stocks typically do better in the second half of the year, meaning now may be the time to buy.
Both Damas and Hallett say cannabis is still a risky bet, especially for a greener investor. But if you can’t stay away, be as careful as possible: invest in an ETF instead of individual stocks, and only invest a small part of your portfolio to mitigate the risk.
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