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Just because it's legal doesn't mean the line of business is sustainable. If an institutional investor excludes tobacco and alcohol from its portfolio, there is no reason not to exclude cannabis. With one exception: cannabis for purely medical purposes (e.g. pain therapy etc.). I would regard cannabis producers with purely medical business purposes as a pharmaceutical investment. However, the company then has to produce flawlessly only for medical purposes, a mixture with leisure cannabis (no matter how high the sales share is) would be an exclusion criterion. I am curious to see how high the social follow-up costs will be in the coming years for the health insurance companies in the countries that legalize cannabis for leisure purposes.