Brian McKenna, a vice president at JMP Group who follows cannabis, said issues weighing on the stocks at the moment include a lack of large institutional investors, the difficulty some companies still have raising debt, and the fact that they aren’t listed on major U.S. stock exchanges. “Right now, it’s an extremely inefficient market,” he said.
Harrison of CB1 Capital Management noted that there were eight analysts from investment banks at the Ojai conference, a sign that the financial world is “building the plumbing for a Wall Street relationship.”
While there was some teeth-gnashing over stock prices, Harrison said the conferences were ultimately validating.
“The psychology was positive,” he said. “It was very different than the past year of sitting behind a desk, reading Twitter, and watching stock prices go down.”
This article was provided by Bloomberg News.