The Week In Cannabis: Stocks Down, Republican Legalization Bill, Germany, Uruguay, Earnings, New ETF And More
Rivian (NASDAQ: RIVN) hit the public markets last week. A company with only a few dozen vehicle sales and a market cap over $100 billion seems to have broken the imagination of some investors. It’s hard to see how to justify Rivian’s valuation given its current production of only a few hundred vehicles, but the market is a forward- looking mechanism, so we need to think about what Rivian will look like in the future. The company’s first manufacturing plant in Normal, Illinois, has a stated capacity of 150,000 with the potential to increase to 200,000 vehicles by 2023 with some upgrades.