"I had a client a few years ago who wanted to invest in a publicly traded firm that made marijuana processing equipment," said James Kinney, CFP and founder of Financial Pathway Advisors.
"He was insisting that the drug would soon be legal in many states and this would be the next big thing," he said. "I dismissed the idea at the time, but maybe I should have listened."
Kinney gave the client the polite brush-off, saying, "OK, I'll consider that."
"In the meantime, I was thinking, I wonder how that fits into your asset allocation," he said. "It doesn't get into any of the socially responsible funds."