Emerging industries such as Cannabis

What is everyone's thoughts on emerging industries such as Cannabis ? How would one apply aspects of Graham's Principles to emerging markets ? Would investing in a emerging market before it becomes well known be considered an aspect of value investing? In other words, seeing the value of an industry of a company before the market prices its real value ?

Thank you for your forum post, Rodeler!

Perhaps Graham's advice on Initial Public Offerings (IPOs) would apply to emerging industries too.

"Our one recommendation is that all investors should be wary of new issues—which means, simply, that these should be subjected to careful examination and unusually severe tests before they are purchased.

Just as with an unlisted company or an IPO, the people best positioned to take advantage of an emerging industry are probably those who are personally involved with it and have an intimate knowledge of its intricacies.

Graham Resources