Last week, The New York Times ran an editorial piece with the headline, "Do We Really Want a Microsoft of Marijuana?"
The author of the report, Christopher Caldwell, opines that the SAFE Banking Act would disproportionately help giant operators at the expense of smaller companies. That, in turn, would usher in a dystopian future in which multinational businesses develop new flavors and products to turn America's children into a nation of potheads.
I read a lot of wrongheaded news and misinformation pieces about cannabis, but this one may be the winner in terms of getting things wrong.
In barely 1,000 words, the author makes three points that need addressing.
The first is the overall theme. We absolutely want a Microsoft of marijuana!
We want one as investors, as consumers, and as supporters of the industry. Microsoft Corp. (NASDAQ: MSFT) has its flaws, but overall, a lot of people have benefited from the success of the tech company. We can partially thank Microsoft for reliable computer operating systems, sophisticated spreadsheets, and cheap cloud computing that allows us to share our ideas in real time all over the world.
Do we want a company with the resources to improve the accuracy and speed of cannabis testing, one that can grow more precise strains for medical patients, and one that can perfect security and seed-to-sale tracking?
I want those things. So do you.
About the Author
Greg Miller started working on Wall Street in September, 1987, just a month before the “Black Monday” stock market crash.
During his career there, he became an expert in just about every kind of publicly traded security - from blue-chip and small-cap stocks to municipals, junk bonds, and derivatives. As a portfolio manager, Greg was responsible for over $500 million of assets in mutual funds and insurance company accounts.
After leaving the Street, he designed a successful options trading strategy and made lucrative tech investments for a financial publication. He has also helped develop new products and worked with other editors to hone their strategies. He’s always been dedicated to deep, fundamental research - and he always will be - because he believes buying the very best companies at the right price is the best way to amass wealth in the stock market.