Over the years a handful of clients have asked me about cannabis stocks and investment opportunities. I have the same response: stay away. Why? It’s a brand new industry and still in the “Wild West” stage. My role is to learn as much as I can to better educate clients on the risks. It’s not enough to suggest people avoid it; you need to understand the industry to have a credible viewpoint or worthy advice.

I was asked to be on last weeks episode of PBS's In Focus. Gwyneth Doland was hosting the show and of course, I said yes. The big points are pretty simple. First, nothing is happening overnight in New Mexico. It’s going to take time, and maybe a few years to get recreational use approved. Second, it’s still illegal at the federal level. Period. Third, I think the taxes legislators want to levy on the plant is reasonable and I compared some big picture points of what wasn’t working in other states.

Sometimes it’s important to learn about a new industry to better understand why you don’t want to invest it in, for now.