Tags: Harrison | marijuana | investment | theme

Minyanville CEO Harrison: Marijuana is 'Best Investment Theme for Next 10 Years'

By Dan Weil   |   Thursday, 27 Feb 2014 06:39 PM

Todd Harrison, CEO of financial news company Minyanville Media, is a big bull on investing in the marijuana industry.

"This is the single best investment theme for the next 10 years," he told Yahoo.

Increasing legalization of the drug will create investment opportunities, Harrison says. So far, 20 states have legalized marijuana for medical purposes and two — Colorado and Washington — for recreational purposes.

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Harrison thinks more states will join the bandwagon because of their need for more tax revenue. Colorado is expected to see $134 million in tax receipts from its legalization move during the upcoming fiscal year, he says.

At least 14 states are looking at decriminalizing marijuana for medical use this year, according to the Marijuana Policy Project. And 12 states and Washington, D.C. are considering general decriminalization.

Harrison recommends staying away from penny marijuana stocks, because they're too risky. He says one legitimate company, whose stock he has traded in the past, is GW Pharmaceuticals, which makes marijuana drugs.

He didn't recommend buying or selling the stock, which has soared 55 percent so far this year.

Harrison isn't the only one enthusiastic about marijuana investments.

"Colorado was such a smashing success that people saw this as real, and we’re going to continue to move forward," Douglas Leighton, managing partner at Boston-based Dutchess Capital Management, which has holdings in marijuana companies, told The Toronto Globe and Mail.

"A lot of people were holding their breath."

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