“Mad Money” host Jim Cramer has said that while marijuana long-term outlook is strong, the gains will not be fast.
“The normalization of weed is happening so fast it makes my head spin,” the CNBC “Mad Money” host remarked on Friday.
“It’s not just that Canada and a host of states have outright legalized pot. It’s that marijuana’s gone mainstream.”
Brian Athaide, the CEO of Canadian cannabis player Green Organic Dutchman, spent 25 years at Procter & Gamble, which according to Cramer was “the most mainstream company on earth.”
“I can’t even explain how incongruous this is,” Cramer commented. “A P&G executive in the marijuana business? A year or maybe two years ago, I would’ve told you that sounds about as plausible as ‘Cheech & Chong join the DEA’ or ‘Harold & Kumar go to Breakfast at Tiffany’s.'”
Athaide told Cramer at Friday’s Green Market Report cannabis conference that investors shouldn’t expect profits to surge when Canada’s legalization goes into effect next month. This is due to there being so little infrastructure to sell cannabis products legally.
“I want to introduce you to these high-quality, new companies one by one, but I also need to echo Brian’s concerns,” he said. “Don’t get ahead of yourself with the cannabis cohort or your gains could go up in smoke.”