Just two years ago it would have been impossible to imagine a Procter & Gamble Co PG executive taking the helm of a cannabis company, but this is the new reality, according to CNBC's Jim Cramer.
Brian Athaide, a 25-year veteran of the "most mainstream company on earth," was named CEO of The Green Organic Dutchman Holdings in early July. It's difficult to "explain how incongruous this is," but it also signals the "normalization of weed is happening so fast," Cramer said during his daily "Mad Money" show Friday.
Why It's Important
Athaide told Cramer at Friday's Green Market Report cannabis conference that the opportunity to lead the company was "just too great" ahead of the full legalization of recreational marijuana in Canada Oct. 17.
The date won't necessarily translate to a surge in profits for cannabis companies. Athaide said. The Canadian cannabis industry lacks the necessary infrastructure to sell cannabis products legally — even if the demand is there in the first place, he said.
While cautioning investors not to "believe all the hype" around cannabis stocks, the CNBC host said his favorite pick remains Canopy Growth Corp CGC due to its partnership with Constellation Brands, Inc. STZ.
"Don't get ahead of yourself with the cannabis cohort or your gains could go up in smoke," Cramer said. "So pay close attention, dabble if you want."
Screenshot courtesy of CNBC.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.