The Globe and Mail reports in its Thursday, Jan. 4, edition that soaring pot stock valuations are "outrageous." The Globe's Tim Kiladze writes that is how he described weed equities in September. Mr. Kiladze says he is now the butt of endless jokes. He says, however, his take on valuations is even more apt now. Medreleaf chief executive officer Neil Closner says: "What appears to be the case is that the market is valuing companies on total announced production capacity. Period. It doesn't take into account that they may not be able to do it. There's no execution risk being factored in." Mr. Kiladze says pot investors are viewing start-up cannabis companies, some with virtually no history or profit, as somehow infallible. He says the investors behind this hysteria are not necessarily rational buyers. He says psychological issues are likely skewing investors, too -- whether they know it or not. He concedes it is excruciating to sit on the sidelines when you think your friends are getting rich without you. Mr. Kiladze says it is hard to tell when the shakeout will come -- or what will spark it. He says pot stocks could keep climbing from here, however, there will be a day when it all comes tumbling down.