The cannabis industry has only just started to take off and investors could still expect to make a lot of money in the space, this according to Nick Giambruno, chief analyst at The Casey Report.
"This is a real industry that is emerging after 80 years of insane prohibition. When you consider the recreational, the medicinal, and the industrial uses of cannabis, this is going to be an enormous industry, it could be as large as the soft drinks industry," Giambruno told Kitco News.
Giambruno noted that there are many cannabis stocks on the market, most of which are "junk," and that investors should find companies that really distinguish themselves, like those involved in the cannabis oil sub-sector.
On gold, the analyst said that he just made the biggest gold purchase of his life last week, taking of advantage of what he sees as a great buying opportunity.
"I do think it's a great time to get into gold, not only because of the valuations, but also because of the developments that are going on around the world," he said.
This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.