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THIS TIME IS DIFFERENT

Getting high on bubbles

The frenzy over cannabis stocks comes hot on the heels of the crypto bubble. But investors should be wary of them

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A worker pushing a cart of marijuana plants at the Canopy Growth Corporation facility in Smiths Falls. Ontario, Canada. Canopy Growth, a producer of medical marijuana, is currently worth US$13 billion, as its stock has gained 400 per cent in the last 12 months.

IN his famous speech on "Irrational Exuberance", former Fed chairman Alan Greenspan commented about how difficult it was to recognise the characteristics of bubbles if we saw them. He reckoned back then that it's not really possible.

The maestro's conclusion that one cannot time the top...

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