Platinum CEO Andrew Clifford at a Morningstar conference:
What about pot stocks?
On the medical marijuana front, it seems unlikely US pot stocks will be added to a Platinum portfolio any time soon – another question posed by a curious event attendee.
Though the question "what do you think of marijuana?" drew some laughter from the audience – as did the Morningstar CEO Jamie Wickham's clarification "from an investment perspective" – Clifford delivered a straight response.
"These are the hot stocks in Canada, particularly now. Strictly from an investment point of view, from what we've seen in the stocks, you just really don't want to go near them, to the extent that we've actually looked at them"
Given it is a craze, he said his team hasn't spent a great deal of time looking at it, "but you'd think, like tobacco and alcohol, it's going to be a good business to be in once you establish your position, if it goes down those lines of full legalisation".
Canada last month became only the second nation globally to legalise the consumption of recreational marijuana, and the first G7 country to do so.
RGI Price at posting:
40.0¢ Sentiment: None Disclosure: Held
