深氪 ｜ 币圈人民种大麻 1？倒卖小麦色皮肤、身材清瘦的广州女孩Apple喜欢称自己为“女毒枭”。36氪第一次联系她的时候，她说她正在柬埔寨，推动...

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来源：雪球App，作者： 36氪，（https://xueqiu.com/5215025851/128369615）

小麦色皮肤、身材清瘦的广州女孩Apple喜欢称自己为“女毒枭”。36氪第一次联系她的时候，她说她正在柬埔寨，推动“工业大麻合法化”。

The wheat-coloured and skinny Guangzhou girl, Apple, likes to call herself the “female drug lord”. When she first contacted her, she said that she was in Cambodia promoting the “legalization of industrial marijuana”.

她发来一张照片，那是一个私人饭局。她穿着宝蓝色西装，旁边坐着白头发、白胡子的薛蛮子。今年3月，薛蛮子接受采访称，他在柬埔寨西哈努克港买了上万亩土地，做地产和建材生意。

She sent a picture of a private restaurant. She was wearing a treasure-blue suit with white hair and a white beard on her side. In March this year, Baron Xue was interviewed and said that he had bought thousands of acres of land in Sihanouk port, Cambodia, for real estate and building materials.

“薛蛮子没有在做大麻。”Apple说。她很重视与这位币圈名人的交情，因此反反复复强调，“他很怕被报道，薛蛮子在柬埔寨种大麻。”

"Hue doesn't make marijuana." Apple says. She values her relationship with the famous guy in the currency, so she repeats, "He's afraid to be reported and Xue grows marijuana in Cambodia."

但Apple同时表示，她在东南亚的的确确有一帮“币圈”（数字货币）和“盘圈”（资金盘）的朋友，正在策划工业大麻与区块链、数字货币结合的项目。他们对赚钱的机会敏感，习惯于在灰色的商业世界打擦边球，而工业大麻是一个很好的主题，既有实体资产，又有运作的空间。市场不需要教育，自带刺激的属性，让人浮想联翩。

At the same time, Apple said that she did have friends in South-East Asia who were planning projects to combine industrial marijuana with block chains and digital money. They were sensitive to opportunities for earning money and used to rub the edges in the grey business world, while industrial cannabis was a good theme, with real assets and space to operate. Markets did not need education, with their own incentives, and they gave rise to ideas.

很难判断，Apple跟哪个圈子更加紧密。根据她的描述，她是客家人，韶关长大，父母都“从政”。大学毕业之后，她因为家里亲戚的关系，在俄罗斯做过4年跨境电商。2012年，她把公司做到两三千万流水，卖给了当地一个犹太人的基金，赚到人生第一桶金，回国做投资。

It is difficult to determine which circle Apple is closer to. According to her description, she is a visiting family, grown up in isolation, and her parents are “political”. After her university graduation, she worked in Russia for four years as a cross-border power provider because of relatives. In 2012, she sold the company to a local Jewish fund, making her first barrel of money and returning home to invest.

最早她投过几个微商护肤品牌，很多都被“洗牌洗没了”。后来，她又加入了朋友创立的一家基金兼FA担任合伙人。她认为自己非金融出身，导致做生意的逻辑和很多金融背景的投资人不一样。她对国际化信息更加敏感，不受理论和模式的束缚，有自己的一套投资逻辑。

She was the first to cast a few micro-marketing brands, many of which were “shuffled out.” Later, she joined a fund created by friends and a FA as a partner. She thought that her non-financial origin led to a different logic for doing business from that of many investors from a financial background. She was more sensitive to internationalized information, not bound by theories and models, and had her own set of investment logic.

Apple最早关注到大麻是2018年初。她当时有个朋友，在美国黑市做娱乐大麻，温室里小规模种植了几百平方，也不用怎么加工，干花叶卷烟直接吸，一磅可以卖1000美金。

Apple first focused on cannabis at the beginning of 2018. She had a friend who did entertainment on the black market in the United States, who planted hundreds of squares in greenhouses, and who didn't have to process them.

2018年10月，加拿大宣布娱乐大麻全境合法。纳斯达克上市的大麻公司Tilray 2个月股价疯长12倍。年底，特朗普签署新《农业法案》，将工业大麻从管制物质中剔除。近两年，中国黑龙江、吉林两省也相继放开了工业大麻的种植和加工。

At the end of the year, Trump signed a new Agricultural Act to remove industrial cannabis from controlled substances. In the last two years, China’s provinces of Heilongjiang and Gilling have also liberalized the cultivation and processing of industrial cannabis.

接二连三的利好消息刺激下，工业大麻从北美一路火到了中国。今年初，Apple成立了一支“CBDG大麻产业基金”，计划募资3000万美金，投资工业大麻产业链。

After a series of good news stories, industrial cannabis has gone all the way from North America to China. Earlier this year, Apple set up a “CBDG cannabis industry fund” that plans to raise $30 million to invest in the industrial cannabis industry chain.

"CBD"（大麻二酚）是一种存在于大麻中的药用成分，在消炎、阵痛、抗焦虑、改善记忆等方面有很高的价值。而毒品大麻和工业大麻的区别在于，致幻成分THC（大麻四酚）的含量：工业大麻中THC含量低于0.3%，种植的目的主要是为了提取CBD。

& #34; CBD& #34; (cannabinol) is a pharmaceutical component found in cannabis, which is of high value in the fields of anti-inflammation, pain relief, anxiety, and memory improvement. The difference between drug cannabis and industrial cannabis is that its hallucinogenic component, THC (cannabintetephenol), has a content of less than 0.3% of the industrial cannabis, which is grown mainly for the purpose of extracting CBD.

目前在云南，工业大麻的种植和提取还是个牌照生意。合法的种植公司有30多家，提取公司只有6家，另外还有100多家拿到了提取的“前置审批”，还没申请下正式的牌照。工业大麻火了之后，这些牌照的价格水涨船高。（在中国另一个开放种植工业大麻的省份黑龙江，种植工业大麻则没有牌照一说，仅需要工商注册和派出所备案）

At present in Yunnan, the cultivation and extraction of industrial cannabis is a license plate business. There are more than 30 legal growers, only 6 extraction companies, and more than 100 others who have received the withdrawal's “pre-licensing” and have not applied for the official license plates. After the industrial fire, the prices of these plates have risen. (In another province of China, where industrial cannabis is grown, there is no license plate.)

Apple在云南调查了十几家公司。种植公司会跟她讲，他们有很多订单，种出来都不够卖。提取公司则称，已经筹备建厂，很快会拿到正式的资质。她觉得云南的“水很深，都在吹。整个市场乱哄哄的。”

Apple investigates dozens of companies in Yunnan. Planting companies will tell her that they have a lot of orders, and they don't grow enough to sell them. Extracting companies say they've already prepared a factory, and they'll get the official credentials soon. She thinks Yunnan's "water is deep and blowing." The whole market is a mess.

Apple最终在今年4月全资收购了一家种植公司。1个月之后，她就以600万人民币的价格卖给了一家主业做园林和智能制造的上市公司。

Apple eventually acquired a full-time grower company in April of this year. A month later, she sold it to a listed company, whose main business was gardening and smart manufacturing, at a price of 6 million yuan.

她也想从申请提取牌照的公司中物色一家，但这里面有个悖论：他们大部分还没有建厂，指望着融资到位再开始投入。但建厂之后，能否顺利拿到正式的牌照还存在很多不确定性。

She also wanted to find one of the companies that applied for a license plate, but there was a paradox: most of them had not built a plant and looked forward to financing before going into it. But there was much uncertainty about whether they would be able to get a full license when they built it.

她不愿意与他们共担风险。“你拿我的钱做工厂，拿什么跟我对赌？”

She doesn't want to share the risk with them. "What do you take my money for a factory against me?"

Apple尽调过的提取公司中，有人给了36氪另一种说法。该公司创始人表示，他们没谈成的原因是Apple提出要控股。他认为这无非是为了更方便把公司转手卖出去。她并不打算长期持有股权，做的就是短期赚中间差价的“掮客”生意。

The founder of Apple gave 36 kryptons another way of saying that the reason why they did not talk about it was because Apple offered to hold the stock. He thought it was just to make it easier to sell the company. She did not intend to hold a long-term stake, but to do a short-term short-term cut-off business.

除此之外，Apple提出的交易方式，是以一部分在他看来“极低”的现金，加上持有CBDG的Token（数字通证）的形式——相当于两家公司换股。

In addition, the transaction proposed by Apple took the form of a portion of what he considered to be “very low” cash, together with the holding of the CBDG's Token (digital pass) — the equivalent of an exchange of shares between the two companies.

“你要过来跟我玩，必须拿现金。你拿币跟我玩是怎么回事？就像上市公司，拿股票换股份，他的股票有跌有涨，我无法预计他的主营业绩。”上述公司创始人对36氪说。

"You want to come over and play with me, you have to take cash. What's the matter with you playing with me with coins? Like a listed company, swapping shares for shares. His stock is falling and rising, and I can't expect his main business performance." The founder of the company said to 36 kryptons.

在CBDG的官网上，36氪找到了其管理团队运营基金的方式，包括要求项目方做出业绩承诺；每一轮融资进行股份回购或允许老股东套现；以及，“通过PR+市值管理手段拉升Token”，这条后来被从官网删除了。

On the CBDG web of officers, 36 kryptons found ways to manage the operating funds of their teams, including requiring performance commitments from project parties; stock buy-backs per round of financing or allowing old shareholders to hedge; and “pull Token through PR+market value management”, which was subsequently removed from the network.

Apple告诉36氪，他们曾经考虑通过LP募资和发Token“两条腿走路”，因为一级市场募资太慢了。后来因为一些政策上的原因，这个计划暂时搁浅了。

Apple told 36 kryptons that they had considered raising money through the LP and distributing Token's “two legs” because the first-level market was too slow to raise money. Then, for some policy reasons, the plan was temporarily stalled.

当36氪询问项目的具体情况，提出跟当地种植公司以及项目方聊聊，她都婉拒了。说股市太火，监管打压，大家都不太想露脸。

When 36 kryptons asked about the project and offered to talk to local growers and the project side, she declined. They said the stock market was too hot, the regulatory pressure was too tight, and everybody didn't want to show their face.

除此之外，另一层原因，她也十分坦白，“说的也不一定就是真实的。不想这个水太清晰，那就没法摸鱼了。”

In addition to that, for another reason, she was very open, and she said, "Well, it's not necessarily true. You can't touch fish if you don't want the water to be too clear."

Apple打算在香港举办一场峰会，把工业大麻产业的医药公司、研究机构、保健品、护肤品厂商、投资机构，以及“近10位涉足工业大麻行业的A股上市公司董事长”请到现场，帮他们对接上下游资源。

Apple intends to host a summit in Hong Kong to bring pharmaceutical companies, research institutions, health-care products, cleaners, investment agencies in the industrial cannabis industry, as well as the “head of the board of nearly 10 A-stock companies involved in the industrial cannabis industry” to help them receive upstream and downstream resources.

今年3月成立的“天益新麻”负责人谈毅也受邀在列。但谈毅表示他可能不会参与，他是被邀请过去付费演讲的，一个演讲资格卖几十万。他最开始跟Apple认识，是因为她有一支基金，他们想融钱。但他后来发现，她是想从他们身上赚钱。

In March this year, the head of the “Girl of Heaven” was invited to talk. But I said he might not be involved, and he was invited to pay for a lecture, and a speech entitled to hundreds of thousands. He first met Apple because she had a fund and they wanted to make money. But he found out later that she wanted to make money from them.

谈毅在天益新麻的身份很难说明。他原本是区块链公司BAIC的创始人，今年3月，找到麻纺织行业上市公司天益嘉华，说服了对方做工业大麻，成立了子公司天益新麻（简称“新麻”）。他提出一个区块链+工业大麻产业结合的方案，自己也深度参与到项目中，曾经考虑做“新麻”的总经理、董事长。但36氪最后一次向他确认，他说他只是个融资顾问的角色。

It is difficult to explain his identity. He was the founder of BAIC, a block chain company. In March of this year, he found a company listed in the textile industry. He convinced the other to make industrial marijuana and set up a subsidiary. He proposed a scheme to combine the chain with the industrial cannabis industry. He was also deeply involved in the project, considering being the general manager and director of the “new pine.”

谈毅做过个人站长、创立过一家安卓app下载网站机锋网卖给一家上市公司，创立过了一个AI+智能家居的项目，拿到了真格基金的1000万天使投资。再后来，区块链火了，他调转方向创立了区块链项目“BAIC数据公链”。

I was the head of a personal station, created an Andreap Web downloader, sold to a listed company, created an AI+

这些报道里其中最有趣的一段是：他在加州Los Altos Hills山顶有一栋三层豪宅，毗邻斯坦福大学和Tesla硅谷总部，有影音厅、酒窖、车库以及两个超大观景台。2017年下半年，他把这栋豪宅卖了700比特币。

The most interesting part of the story was that he had a three-storey mansion on the top of Los Altos Hills, California, adjacent to Stanford University and Tesla Silicon Valley headquarters, with cinemas, wine cellars, garages and two super-large viewers. In the second half of 2017, he sold the mansion 700 bits of bitcoins.

有关豪宅和比特币的故事，谈毅表示不方便细谈。只是说，这与前一个项目的宣传有关，他不做币的生意。

The story of the mansion and bitcoin is not easy to discuss. It's just that it's connected to the propaganda of the previous project, and he doesn't do business.

至于区块链，他认为必须要与传统产业结合，否则就没有价值。这也是为什么他会去找天益嘉华。他给对方提出了一个方案：用区块链技术给工业大麻溯源，通过发token的形式给项目募资。

As for block chains, he thought that they had to be associated with traditional industries, otherwise they would be worthless. That's why he went to Chelsea. He offered each other a solution: to use block chain technology to trace cannabis to industry and to raise money for projects in the form of token.

谈毅说，他把工业大麻的市场价值、应用前景，跟天益嘉华70岁的董事长张玉莹演讲了一番，然后跟对方一拍即合。

I said that he had spoken to the 70-year-old Chairman of the Board of Directors of Chihuahua about the market value and application prospects of the industrial cannabis, and that he would be in touch with each other.

但在张玉莹的回忆中，谈毅是从资本市场说起来的。“我可以帮助你策划一个工业大麻项目，不需要动用你1分钱，就可以把资金给你融过来。”

But in Zhang Yujing's memory, talking about me came from the capital market. "I can help you plan an industrial marijuana project without having to use a penny to blend the money."

张玉莹与大麻打了23年交道，但其实与毒品和医药业全无关系，他做的是大麻的另一个品类——罗布麻。把生长于南疆塔里木河流域的野生罗布麻提取纤维，做成棉麻混纺的衣物。

Zhang has been dealing with marijuana for 23 years, but it has nothing to do with drugs and medicine, and he's doing another kind of cannabis, Robma. He's taking fibre from wild robama growing up in the Tarriwood river basin of the South Frontier and making it into cotton-coated clothing.

最近几年，纺织行业提高了环保标准，罗布麻上游采购和加工成本越来越高，下游的市场却越来越难做了。为了节省成本，他把全国21个分公司全撤了，转做电商。结果发现，公司流水的40%要拿来买流量。除此之外，近两年金融市场整顿，中小企业的融资通道基本一扫而光。

In recent years, environmental standards have been raised in the textile industry, while upstream procurement and processing costs have increased, and downstream markets have become increasingly difficult. In order to save costs, he has withdrawn all of the country’s 21 branches and turned them into power suppliers.

张玉莹知道，如果是纺织行业，可能永远也无法引起资本的注意。因此，当谈毅找过来，给公司提出一个新的业务方向以及新的融资时，他是非常兴奋的。如果讲故事能融来钱，那他就配合一起讲，只要能把承诺都兑现。

Zhang Yuzheng knew that if it was the textile industry, it might never attract capital attention. So, when he came to me to propose a new business direction for the company and new financing, he was very excited. If storytelling would bring money, he would do it together, if promises were kept.

因为植株中含有毒品成分，工业大麻的种植、提取和流通都受到严格监管。汉麻集团董事长谭昕曾经跟媒体表示，他们云南的提取工厂有几百个摄像头，与禁毒局实时联网，整个分离THC的工艺隔绝人工参与。台账要跟禁毒局备案，员工每周还要做一次尿检。

Since plants contain a drug component, the cultivation, extraction, and circulation of industrial cannabis are strictly regulated. The President of the Haname Group, Tanjung, once told the press that their extraction plant in Yunnan had hundreds of cameras, connected to the Anti-Drug Authority in real time, and that the entire process of separation of the THC was involved in isolation.

按照谈毅的说法，区块链技术能为工业大麻溯源。张玉莹不懂区块链，但溯源他知道：有机蔬菜比一般菜贵好几倍，光贴标签没有说服力，区块链技术能够提供保障。他觉得，两个产业可能确实有可以结合的地方。

According to Io, block chain technology can be the source of industrial cannabis. Zhang doesn't know the block chain, but he knows it: organic vegetables are many times more expensive than usual, labels are unconvincing, and block chain technology can provide security. He thinks that there may indeed be a place for the two industries to combine.

在谈毅的策划下，天益新麻的实体和融资两条战线同时拉开。他们找到长沙麻类作物研究所，“买断”了一款高CBD含量的工业大麻种子，取名“新麻1号”。与此同时，跟黑龙江鹤岗政府达成了合作，落地种植和提取基地。

At the same time, a partnership was reached with the crane government of the Heilong River to grow and extract a base.

鹤岗曾经以煤矿为支柱产业，近几年向环保生物科技城市转型，在黑龙江人谈毅的游说下，当地政府“特别看好工业大麻”，张玉莹说。政府在省道旁边，给了他们一块地建工厂。周围3万亩黑土地，都是他们的种植基地。

The cranes, which used to be the backbone of the coal industry, have in recent years made a transition to environmentally friendly

今年4月，张玉莹飞到鹤岗与当地政府签约。那是他第一次看到一望无际的黑土地。他想象着，以后夏天过来工厂，周围几万亩全是2米多高、绿油油的工业大麻，“一眼望不到头的绿海，这是什么感觉。”

In April of this year, Zhang Yuzheng flew to the crane post to sign a contract with the local government. That was the first time he had ever seen black land. He imagined that, over the next summer, the factory would be surrounded by tens of thousands of acres of industrial marijuana, 2 metres tall, green oil, and "How does it feel to look at the green sea?"

原本他想种CBD含量更高的“龙麻5号”，但今年的种子都被哈药集团收走了。他听说李笑来任联席CEO的雄岸科技，也想种龙麻5号，“到处找，高价买。”

He wanted to grow the higher CBD, but this year the seeds were taken away by the HNS. He heard that Li Xiao Xiao a href= "https://xueqiu.com/S/01647? From=status_watch"

雄岸科技去年还是一只区块链概念股，由雄岸基金购入港股上市公司“借壳上市”并更名后得来。在今年3月，雄岸发公告称将在黑龙江种植2万亩工业大麻。李笑来的合伙人、雄安基金创始合伙人姚勇杰称，黑龙江今年的确一籽难求，他们最后种了2000亩，“政府帮我们协调的。”

姚勇杰从档案袋里掏出一摞厚厚的复印文件，那是他与黑龙江政府、合作社签订的各种各样的协议。或许是经常需要向人解释，雄岸的工业大麻的项目不是空气，他的朋友圈里，有很多他到云南、黑龙江田间地头，与当地政府官员、农民一起考察的照片，配文大体都相似：“天南地北，忙着当农民。”“真抓实干，结果不会骗人。”“行胜于言。概念退潮，实锤引领。”

Yao Yongjie pulled out a thick copy of the file bag, which was a variety of agreements he had with the Heilongjiang government and the cooperative. Perhaps it was often necessary to explain to people that the male side of the industrial marijuana project was not air, and that in his circle of friends he had many photos of him going to Yunnan and Heilongjiang fields, with local government officials and farmers, which were largely similar: “North-South, busy being a farmer.” “Truth-dry, results are not a lie.” “More than words. The concept retreats and leads.”

根据天眼查，跟姚勇杰有关的公司有142家，其中他担任法人的有43家，拥有实际控制权的90家。他的布局好像一张网。“我是蚂蚁雄兵，拆的很细。扛风险能力强。”姚勇杰说。

According to Tianye, there are 142 companies associated with Yao Yongjie, 43 of whom are legal persons and 90 have effective control. His layout is like a network. "I'm an ant-man, very thin. I'm a risk-taking man." Yao Yongjie says.

姚勇杰是浙江人，家里亲戚很多经商，从小对做生意耳濡目染。90年代初，还是建筑专业学生的他画效果图赚到了人生第一桶金，100万。此后涉猎过文化传播、房地产，后来做个人投资，2014年成立早期基金暾澜投资。

Yao Yongjie is a Zhejiang man, and his relatives have been involved in business since childhood. In the early 1990s, he was also a student in architecture who earned his first barrel of money, 1 million. He has since been involved in the spread of culture, , later investing personally in the early 2014 fund.

姚勇杰喜欢谈论暾澜追过的那些风口。区块链最火的时候，他的公司“跟庙一样”，一天接待20拨人。姚勇杰联手李笑来成立的雄岸基金，就是暾澜投资旗下十支基金之一。

Yao Yongjie likes to talk about the winds he's been chasing. When the block chain was hot, his company “like the temple” received 20 people a day. Yao Yongji, together with Lee, was one of the ten funds under the banner of investment.

姚勇杰对36氪表示，请李笑来主要是因为对方的名人效应，以及他在区块链领域多有布局。未来3到5年，什么行业会火，他说他看的特别准。但他同时也调侃自己，看的不是很远。

Yao Yongjie said to 36 kryptonium that it was mainly because of each other's celebrity effects and how well he had a layout in the block chain.

雄岸高调宣传的“百亿基金”，今年被余杭区财政局澄清：基金规模仅为10亿元，余杭区政府和未来科技城管委会曾“有意向合作”，后“因金融形势发生变化”，终止了与雄岸合作。

The “10 billion fund” promoted by the male bank was clarified this year by the Yukhang District Fiscal Authority: it was only 1 billion yuan in size, and the Yukhang District Government and the future Science and Technology City Council had “intended to cooperate” before “changed financial circumstances” and ended their cooperation with the male bank.

如果看雄岸科技的股价，过去的1年最突出的表现分别是因为加上了区块链和大麻。去年5月，姚勇杰以0.87港元买壳，随后股价一度跳到2.5元上下。不过后来股价一路下跌、交易量走低，李笑来年底出任联席CEO的消息也未带来太多波澜。

If

第二次大涨是在宣布做大麻之后，股价迅速翻了一倍。

The second surge was the rapid doubling of the share price following the announcement of cannabis production.

（雄岸科技股价与交易量变动图。）

(

大股东从去年底开始减持，随着大麻概念升温，累计套现2.6亿港币。

Since the end of last year, there has been a decline in the holdings of major shareholders, with a cumulative amount of HK$ 260 million as the cannabis concept warms up.

今年3月，姚勇杰以0.67港元赔本卖出了0.87港元购入价的股票。他告诉36氪，这样做的目的主要是为了激励团队，受让方是基金新的执行总裁。

In March of this year, Yao Yongjie sold HK$0.87 worth of shares in a HK$0.67 claim. He told the 36 kryptons that the main purpose was to motivate the team and that the recipient was the new CEO of the Fund.

一位投资行业人士，对36氪讲了另一种资本市场的玩法：大股东低位减持，相当于付给人拉盘的酬劳。高买低卖没关系，股价涨上来，大家一起赚钱。币圈割韭菜的套路，在股市早就不是什么新鲜事。

An investment trader told 36 kryptons another way of playing the capital market: large shareholders are low-ranked, amounting to a paycheck. It's okay to buy lows, stock prices rise, and everyone earns money together. The money-cuttering suite is not new in the stock market.

按照游资的思路，他甚至提醒说，“如果你相信新入场的庄的实力，可以买一点，与‘庄’共舞。”

He even warned, along the lines of travel money, that “if you believe in the power of the newcomer, you can buy a little bit and dance with the Bank”.

姚勇杰并不回避，他曾经通过资本运作的方式，赚过很多钱。但他同时表示，自己赚的大部分钱都投到项目中去了。他说他没有当首富的野心，赚的钱也足够花了，做投资主要是因为喜欢跟创业者在一起。他最大的成就感就来源于：他看好一个行业，一个行业成为风口。

Yao Yongjie did not avoid the fact that he had made a lot of money by operating with capital. At the same time, he said that he had invested most of his money in the project. He said that he had no ambition to be rich, that he had made enough money to invest mainly because he liked to be with entrepreneurs.

去年，李笑来在被曝光的那段录音中，曾谈及投资与投机的关系，“不要盲目相信“价值投资”。如果你随波逐流地认为价值投资是对的，那你注定是个平庸的人。”

Last year, Li laughter spoke of the relationship between investment and speculation, “Don't blindly believe in “value investment”; if you think value investment is right at all times, you're destined to be a mediocre person.”

同样的问题，姚勇杰的答复是，投资和投机没有那么清晰的界限。“先有鸡，还是先有蛋，这是不对的，我要先有钱。有了钱，你要蛋我给你蛋，你要鸡我给你鸡。”

In the same vein, Yao Yongjie replied that investment and speculation are not as clear as that. "It's wrong to have chicken first or eggs first. I want money first. You want eggs, you want eggs, you want chickens, you want chickens."

做大麻的“肯定不是正经公司”，德展健康的董事长张勇，几年前曾经辗转听说汉麻融资的消息，但没有理会。今年初，张勇主动找到谭昕，说他很后悔当初没有投，汉麻如今的估值已经从16亿涨到几十亿。

工业大麻火起来之后，登门拜访的上市公司，谭昕见了十几家。他后来和其中的六家成立了合资公司——德展健康做医药，华仁药业做温室种植，顺灏做电子烟，尔康制药做育种等。

After the industrial fire started, the listed company that visited the house saw dozens of them. He later formed a joint venture with six of them -

有人评价谭昕“一女多嫁”，他不同意。谭昕觉得，如果一家公司把一条产业链的事情都干了，只能说明最早这个产业太原始了，花钱都买不到标的。一条健康的产业链，他认为就应该有不同的公司参与进来。

He disagrees with someone who evaluates Tanjian as “a woman married more than a woman.” Tanjian feels that if a company does everything in an industrial chain, it can only mean that the first industry is too primitive to buy a price. A healthy industry chain, he believes, should involve different companies.

汉麻由于不是上市公司，在这波资本热潮中并没有市值表现。但与汉麻集团合作的公司，后来都成了A股涨势疯狂的工业大麻概念股。

Since Hanmah is not a listed company, there is no market value performance in this wave of capital. But companies that work with the Haname Group have since become "A" shares in the crazy concept of industrial cannabis.

一位二级市场的投资人士告诉36氪，他去年11月买入工业大麻的股票，今年2月加到满仓，五一前全部抛售，赚了大概1倍。他后悔没有打板，A股工业大麻最火的时候，平均每天6-8个涨停板。

An investor in the second-tier market told 36 kryptons that he bought stocks of industrial marijuana last November, added them to a full warehouse in February, sold them all five years ago, making about a double profit. He regretted that he had not done it, and that the A share of industrial marijuana was the hottest, with an average of 6-8 stoppages per day.

他认为工业大麻今年大涨，一个重要的原因是契合了今年A股的“主题投资”，就像氢能源和5G一样。只不过大麻概念二级市场一番爆炒，已经把股价的上涨空间提前透支了。

He believes that one of the important reasons for this year’s sharp rise in industrial cannabis is the convergence of A’s “theme investment” this year, like hydrogen energy and 5G. It’s just that the secondary market for the concept of cannabis has burst and has already opened up the space for stock price increases.

中国从年初开始陆续有60家上市公司公告布局工业大麻。包括哈药、康恩贝、龙津药业等药企，顺灏股份等烟草企业。谭昕认为，他们大部分不会在产业中坚持下来，很多说要做工业大麻，“决策真快，不得不怀疑其企图。”

Since the beginning of the year, 60 listed companies have announced industrial cannabis. These include ,

乾堃资本合伙人施德善做过一个调研，A股工业大麻最火的时候，整个产业增加了1000亿市值，他认为最后投到产业中的可能不超过10亿。很多上市公司靠买一个牌照拉来好几个涨停板，后面不一定再费周折建工厂。

In a study by Schudzon, the capital partner, when the A-share industry was hot, the entire industry increased its market value by 100 billion dollars, and he believed that it might end up in the industry by no more than 1 billion. Many listed companies bought a license plate to pull up several ups and downs, and it was not necessary to build a factory after that.

更何况，他们很多主业与种植、提取没有任何关系。种植一来要靠天吃饭，波动性大；建工厂可能也缺乏经验，一旦选型错了，整个生产线可能都要整改，花费的资金和时间就更难以估量。

Moreover, many of their main industries have nothing to do with planting and extracting. The planting takes place on the basis of natural food and volatility; the construction of factories may be inexperienced, and the entire production line may have to be modified if the choice is wrong, and the money and time spent are more difficult to measure.

谭昕认为，很多上市公司涌进来布局种植都非常盲目。比如土地没有经过欧盟游击认证，将来提取CBD出口欧美市场会遇到很多问题；云南今年备案了总共19万亩工业大麻，种植规模一个比一个大，种出来卖给谁呢？

According to Tanjian, many listed companies have come into the field to grow them blindly. For example, without EU guerrilla certification, there are many problems with the future extraction of the CBD for export to the European and American markets; Yunnan has filed a total of 190,000 acres of industrial marijuana this year, growing larger than one and growing it for sale to whom?

委托种植的公司跑路，农民辛苦一年没有收入的现象并不罕见。而工业大麻的花叶如果积压在农民手里，地方警力监管难度是非常大的。一旦有人铤而走险打致幻成分THC的主意，对整个产业将会是致命性的打击。

It is not unusual for farmers to run for a year when they have no income. Local police control is very difficult when the leaves of industrial cannabis are accumulated in the hands of farmers.

施德善在云南调研了1个多月，在美国投资了一家种植公司，在北加州种植了150英亩工业大麻，称种子的CBD含量高达18%。工业大麻的种子目前是禁止跨国流通的，这意味着，短期之内在种植领域，中国很难有成本优势。美国人工成本高，但种子的CBD含量也高，那才是成本中最敏感的部分。他还把投资重点转向产业链下游，认为资本蜂拥涌向种植和提取，上游产能过剩是早晚的事。

After more than a month of research in Yunnan and investing in a growing company in the United States, 150 acres of industrial marijuana were grown in Northern California, claiming that the seeds contained up to 18% of the CBD. The seeds of industrial cannabis were currently banned from circulation across national borders, which meant that China had very little cost advantages in the short term in the field of cultivation. The United States had high labour costs, but the CBD content of seeds was also high, and that was the most sensitive part of the cost. He also shifted the focus of investment to the industrial chain, arguing that capital bee surges were too early to grow and extract.

今年3月以来，国家禁毒委加强了对工业大麻的管控，证监会也开始对上市公司问询。监管趋紧，加上版块轮动，工业大麻已经不复年初每天10个公司涨停板的盛况，开始降温了。

Since March, the National Anti-Drug Commission has strengthened controls over industrial cannabis, and the SEC has begun to question listed companies. The tightening of regulation, coupled with the proliferation of the plates, has reduced the growth of 10 companies per day at the beginning of the year.

施德善认为，起起落落很正常，因为股市需要不断有利好消息刺激才会一直涨，而工业大麻落地、变现都需要时间。但他相信，这个产业的价值未来会逐渐释放出来，此外，大麻合法是个全球化的趋势，在加拿大、美国之后，欧美主流国家未来可能都会跟随。工业大麻存在连续炒作的预期，而且是明确预期。

He believes that the value of this industry will be released in the future. Moreover, cannabis is legal and a trend of globalization that will likely follow the mainstream countries of Europe and the United States after Canada and the United States.

云南每年清明前后进入雨季，一场大雨下透，工业大麻就可以开始播种。但今年，这场雨一直拖到了5月底。

Yunnan enters the rainy season before and after each year, with a heavy rain that will allow industrial cannabis to start seeding. But this year, the rain has been dragged to the end of May.

因为担心影响出苗率，很多农民不敢播种。提前种下去的，也有一些在5月的日头下旱死了。一家种植公司的创始人对36氪表示，他们今年一亩地需要补200株苗，其他没有经验的可能要补更多。

Many farmers are afraid to sow because of fear of affecting the rate of seeding. Some of those planted in advance also died of drought in May. The founder of a plantation said to 36 kryptons that they needed 200 seedlings in one acre this year, and that others with no experience might need to do more.

大麻一年的播种季只有一次。错过了今年这回，就要等到明年。

It's only once a year's planting season. It's missing this year, and it's gonna be next year.

“别去当疯子。”施德善说，虽然工业大麻的故事并未就此结束，但对盲目投资的人来说，“潮水一浪接一浪的，上去又下来，每一波总得有尸体。”

“Don't be a madman.” Styxon said that, while the story of industrial marijuana has not ended, “

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