Voters in Michigan have opted to make their state the next to legalize marijuana.

People in Michigan opted for adults over 21 to possess, grow and use marijuana legally in small amounts. The idea is to replace the cannabis prohibition with a regulated system of production and sales. Read the whole article on The Forbes.

Rick Stuchberry on Cannabis

Is it a good time to invest in cannabis stocks? It’s a trade, not long-term investments. It’s like the tech bubble of the late-90s: no sales, no revenues, balance sheets were cash until they were all spent. Sure, there will be winners that’ll survive, but others that’ll go to zero (i.e. Nortel). The valuations are NOT cheap. Trade, trade, trade. Not an investment. He’s not in this space at all.

Cannabis stocks are not a long-term investments. Only few names will come survive in this sector.