We're not saying that the Golden Age of Cannabis Investing is upon us, but we are saying that it will be when the squarest of square investors jump onto an equity class that the starched collar crowd has always viewed as immoral and risky...
Hedge fund billionaire Leon Cooperman is investing in the marijuana industry.
Okay, the Golden Age of Cannabis Investing is upon us.
Leon Cooperman buying a pot stock is like watching your least fun, most knee-jerk "conservative" great uncle start blasting Deadmau5 on his Sonos and then snort three rails of Molly.
Cooperman posed a series of detailed questions to Green Thumb Industries (GTI) CEO Ben Kovler during the company's Q2 earnings call on Tuesday afternoon. GTI is a publicly-traded chain of marijuana dispensaries, cultivators, and distributors with licenses to operate in a number of states where marijuana is legal.
Following the call, Cooperman confirmed to Business Insider that he is a stockholder in the company.
And, in case you were wondering, The Coop is only getting high on his own supply...
Cooperman bought stock in GTI individually and said that the investment is too small for his fund, Omega Advisors. He's converting Omega into a family office to manage his own fortune at the end of 2018.
This is the best thing that's happened to us in a while, you guys.