So much for retiring early. Marijuana stocks have tanked in the past year, according to the financial website The Street.
One of the biggest nose-dives came from Advanced Cannabis Solutions, a company that leases growing spaces and equipment to legal pot businesses. The stock hit a high of $64.64 last March, but that was before the Securities and Exchange Commission temporarily suspended trading due to concerns over illegal trades.
The stock price on Friday? $5.
Alan Brochstein, a financial analyst dealing with marijuana stocks, told The Street that not all pot investments are doomed to fail, but that it's a big risk.
"There's a handful of companies that I think at least might have a shot," he said. "They seem to be moving in the right direction, but they're very speculative."
The D.C. City Council will hold a hearing today to discuss a bill that would legalize the sale of recreational marijuana in the city.
Back in November, voters in the District approved a ballot measure that would legalize the possession of small amounts of cannabis, but not sales of the drug. The bill being considered now would set up stores and a regulatory system to collect taxes.
Of course, it's still not clear if that nation's capital— which is subject to congressional oversight — will be able to move forward with its legalization law. In December, Congress passed a spending measure that tried to block any fundings from going toward legalization. The D.C. mayor and other folks are arguing that the law was "self-executing" and will stand once it clears a period of congressional review later this month.
Time for a vacation?
Jamaica took another step toward approving a marijuana reform law on Friday when its Senate passed a bill that would decriminalize possession of small amounts of ganja and legalize the drug for medical, religious and therapeutic purposes. The day the bill passed was also Bob Marley's birthday — he would have been 70.
Delano Seiveright, a pro-ganja activist in Jamaica, tells Fusion the bill could be passed in the country's House of Representatives as soon as this week.
If you can't take a vacation, then maybe this
Activists think Vermont could become the first state to legalize marijuana through a vote in the legislature (as opposed to a ballot initiative). But before lawmakers take up a legalization measure, a delegation of nine public officials and stakeholders are heading to Colorado this week for a "fact finding" mission.
Along for the ride: the Vermont Public Safety Commissioner Keith Flynn, an assistant U.S. attorney and the executive director of the Burlington Boys and Girls Club. Flynn said the schedule will be "really packed."
The kicker? Taxpayers won't foot the bill, but folks from the public safety office will have their trip paid for by asset forfeiture funds — money seized in drug-related investigations.
Ted Hesson was formerly the immigration editor at Fusion, covering the issue from Washington, D.C. He also writes about drug laws and (occasionally) baseball. On the side: guitars, urban biking, and fiction.