Stock Market Wrap-Up: Buffett Talks Pot, but Here's Who's Buying Marijuana StockPosted by On

close up joint

The stock market had a solid day on Monday, recovering from early losses to post modest gains by the end of the session. Investors are nervously optimistic about the prospects of several states starting to reopen businesses in the wake of the coronavirus pandemic. And despite fears about the economic fallout, market participants are still hopeful that a recovery could come quickly. The Dow Jones Industrial Average (DJINDICES:^DJI), S&P 500 (SNPINDEX:^GSPC), and Nasdaq Composite (NASDAQINDEX:^IXIC) all managed to gain ground, albeit by the slightest of margins in the case of the Dow.

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Data source: Yahoo! Finance.

At the annual Berkshire Hathaway shareholder meeting, Warren Buffett talked for hours about his company, the stock market, and the American experience. Interestingly, marijuana was one topic he mentioned in passing on a couple of occasions, making joking references to smoking pot as an emerging trend among ordinary people. Berkshire hasn’t taken any interest in any cannabis companies (at least not ones with direct exposure to pot). But one company put its money where its mouth is with respect to marijuana, as Constellation Brands (NYSE:STZ) boosted its investment in one of the best-known pot stocks in the market.

Marijuana leaf held between two fingers of a hand, with cannabis plants in background.

Image source: Getty Images.

Making light of marijuana

Warren Buffett is well known for his folksy demeanor, and telling stories is one of the highlights of his annual meetings throughout the years. During the Berkshire meeting, the CEO talked about the 3.9 million Americans in 1790 and imagined asking them what the future would bring. Buffett said that even the most optimistic people couldn’t have imagined the America of today, even if they had “been drinking heavily and even had a little pot.”

Later in the discussion, Buffett turned to his time-honored story of Mr. Market, describing him as a neighbor who constantly offers to buy or sell investments at prices that fluctuate widely from day to day. In this year’s version, the Oracle of Omaha characterized Mr. Market as “sort of a manic depressive [who] drinks, maybe smokes a little pot.”

More cash into cannabis

For all that Buffett has worked marijuana into his anecdotes, he hasn’t put serious money into the industry. You can’t say that about Constellation Brands, though, which doubled down on its already substantial stake in Canopy Growth (

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