Buy Marijuana Stocks Now? You'd Have to Be Stoned.

Marijuana stocks have become the "next big thing." Thirty-three states have legalized medical marijuana, including 10 (and the District of Columbia) that have greenlighted it for recreational use. In Maryland, where I live, medical marijuana dispensaries are opening apace, and several clients have asked me to recommend a marijuana stock.

My advice: Stay away. It's almost certainly less risky to inhale than to invest.

Marijuana exhibits the classic hallmarks of an investment bubble. As with Internet stocks in the late 1990s and a year or so ago, marijuana stocks (and related investments) are almost certain to crash and burn.