A Note to Readers viiPreface ixAcknowledgments xiChapter 1: Like Investing in Alcohol at the End of Prohibition 1Chapter 2: The Feds, the DEA, and the War on Drugs 13Chapter 3: The Cannabis Investment Opportunity 21Chapter 4: Buy Low, Sell High? 29Chapter 5: The Movement Toward Legality 45Chapter 6: Canada Versus the United States 65Chapter 7: The State of the States 75Chapter 8: The Worldwide Opportunity 95Chapter 9: Canadian Licensed Producers 97Chapter 10: US Multi-state Operators 117Chapter 11: Extraction and Concentrates 135Chapter 12: Hemp and CBD Focused 141Chapter 13: Pharmaceutical and Biotech 149Chapter 14: Suppliers and Everyone Else 159Chapter 15: Mergers and Acquisitions 169Chapter 16: Don't Get Burned 175Appendix I: Portfolio Manager Dan Ahrens' Cannabis Exchange-traded Fund Holdings on June 30, 2020 183Appendix II: Portfolio Manager Dan Ahrens' US Cannabis Exchange-traded Fund Planned Holdings in August 2020 185Appendix III: Constituents of the North American Marijuana Index as of June 30, 2020 187About the Author 189Index 191
DAN AHRENS is Chief Operating Officer of AdvisorShares Investments, LLC and portfolio manager of the AdvisorShares Pure Cannabis ETF (NYSE: YOLO) and AdvisorShares Pure US Cannabis ETF (NYSE: MSOS). He is the author of Investing in Vice and has over two decades of financial industry experience.