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So now what's happening? Once again, it doesn't matter if a company has money on their balance sheet or has profitability or it's purely a hype name.

All the cannabis stocks are trading way up and it might be even worse with some of the companies with the worst financials.

Some of the companies that had been down the most in the last couple of years are maybe trading up the most right now on hype, on Reddit, on Wall Street bats, and even short squeezes.

Welcome to the Baron Street Wise Podcast. I'm Jack Howe. The voice you just heard, that's Dan Arons.

He is the manager of the Advisor Shares Pure Cannabis ETF. In other words, he picks pot stocks and his fund is up 185% over the past year, including 80% so far just this year.

Why? The United States is steadily legalizing recreational marijuana use leading to solid and fast growing profits for some companies.

But also, chatroom trading has taken some recent stock gains to extremes. It's like GameStop and Bitcoin got married and had a baby and named it cannabis.

In a moment, we'll hear from Dan about how to tell short term hype from long term growth potential and which stocks he favors now.

Listening in is our audio producer, Meta. Hi, Meta. Hey, Jack. Meta, it's official. I'm pretty sure that we're prudes now. Uh-oh.

We're New Yorkers, you and I, which I thought made us fairly cool, but our neighbors, the state of New Jersey, they've legalized recreational marijuana, and that's what all the cool people are doing.

This past November, there was a referendum and 67% of New Jersey voters said legalizing. That took effect January 1st.

You still aren't allowed to pump your own gas in New Jersey, by the way. That's too dangerous, but pot is now legal. There's no word yet on whether residents will be permitted to roll their own joints.

Meta? Are you still there? Have you left for Hoboken?

Just what I was afraid of. I should have mentioned, by the way, legalization is so new in New Jersey that supporting legislation hasn't passed yet.

So there aren't pot cafes or a big retail trade just yet, but it's coming. And it's not just New Jersey. Arizona, Montana, and South Dakota also voted in November to legalize recreational marijuana.

Mississippi and South Dakota approved medicinal marijuana measures. Think about that. New Jersey's a blue state. Arizona turned blue in November to the rest of these states are pretty solidly red.

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