Remember around Christmastime when Bitcoin pushed towards a price of over $19,300 for a single Bitcoin? It was an absurd bubble in that Bitcoin has no intrinsic value, and some order has been restored as the price has come down to $6,300. Eventually, it will all wither away.
But in the meantime, marijuana/pot stocks appear eager to pick up where Bitcoin left off. In particular, it has come to my attention that Tilray (TLRY), a medical marijuana production firm with $20 million in revenues, and somewhere between $200,000 and $3 million in net profits, has increased from $35 per share to $214 per share for a valuation of around $20 billion.
Needless to say, this business is horribly, offensively overvalued and anyone who buys the stock at this price point is engaging in the greater fool theory in which they are fully relying upon some other patsy to come along … Read the rest of this article!
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