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Absolutely.
Shot above $3 again. Very interesting day
Add into this, Paul Ryan will not seek reelection, he announced today. So some Republicans are getting on board and one of the obstructionists is leaving.
Definitely. Only depends on how nuts things get. I don't think we'll quite see the speculative fury that took crypto to ludicrous levels, but I'd imagine some folks will have some cash to play with now that the crypto rush is pretty much over. Seeing the prices climb and the fear of missing out caused a TON of people to hurl money in that otherwise might not have. Something major in this sector happening so quickly afterward might be big for us.
Since MJ and Hemp stocks tend to run together, I'm looking for Mitch McConnel's Hemp Farming Bill to be introduced, and I see very little reason for congress members to resist that one. It's full of bi-partisan support and doesn't carry the baggage that MJ does. I have no reason to believe that it fails. The only real argument I'm seeing against hemp is from law enforcement complaining that it's too hard to tell the difference between industrial hemp and MJ. That's not enough to stop it.
This month, the FDA advisory committee is meeting and we may get some insight into how they're leaning on Epidiolex, which has a hard decision date set for June.
The mid terms are starting to look like it'll be a blood bath for the Republicans. While I'm not a big fan of either party, for our purposes, Pete Sessions and one or two other Republicans who stand in the way of MJ altogether are coming from weak R districts. Sessions is in an R+4 district, for example. The special election in PA saw a fresh face Democrat taking an R+14 district (just barely, but still). This is relevant to our interests. Paul Ryan being gone, Pete Sessions being gone, and one or two other key committee members being gone, and we can finally start seeing this ludicrous back log of MJ bills start moving forward.
The mid terms approaching could cause another speculative rush like we saw in 2016.
I'm not even listing everything here... 2018 is big for us.
I'm looking forward to the rest of the year... some big things on the horizon
Been a decent last few days overall.
If I'm not mistaken, Iowa is the 3rd largest agriculture state in terms of production. Hemp being a big deal there is a fantastic sign for the rest of the country
I'm surprised that on the back of this McConnell news the sector had these take down days. I'm not worried about it and have buy points I'm looking for, but it's not what I expected this week to look.
I'm doing the same
Why not both? Or, as my day typically goes: write poetry, trade stocks, drink whiskey, compose my sonnet.
I'm not sure there's a specified timeline. A few days at least, though it depends on how much debate is had over it, things like that. I don't see a whole lot of resistance for a bill like this, so it could be voted on rather quickly.
That's big news. Mitch McConnell and Rand Paul are big on hemp and have included language in previous farm bills to allow the industry to grow in KY. I could see that bill passing the Senate relatively easily.
Honestly speaking, the float is still fairly small compared to many other MJ stocks. I don't necessarily like dilution, but given the total float and what it'll be if that vote is approved, It'll be fine for us traders.
Well well. This is very interesting indeed
I've got increments on the way down. I hadn't been doing anything while we were floating around the 4s
News flash, the entire sector is down. You don't know what a scam is
Ok, so you can repeat Trump campaign promises, but no one can say otherwise? LOL. You brought up Trump first, not me. And whether you like it or not, Trump has done absolutely nothing for the MJ market. This is 100% fact.
Only during the campaign. Since his election he has said nothing and done nothing in this regard, even after Sean Spicer said we should expect the laws to be enforced, even after the Cole Memo was rescinded and Jeff Sessions asked Congress to remove the protections on medical MJ.
It does zero good to keep parroting something Trump said so long ago and never backed up. Perhaps after he shows an ounce of leadership and does something for State's rights, but until then, consider it another campaign promise he had no intentions of ever revisiting.
Two days of that high volume in a row is fantastic.
I particularly enjoyed the close... a burst of activity and a small climb right at the end.
Numbers don't mean a ton when it comes to these green rushes. One of my plays last year didn't even have a product and had a market cap of a billion dollars at one point. Another Canadian stock I know of is a legitimate scam, and their CEO is a well known con man. That stock is picking up steam this year.
When CANN was growing at explosive rates every quarter years ago, nothing mattered until 2016 happened when the whole sector took off.
When the hype train is rolling, money just flows to every corner of the sector
That was nuts. Went from 600k in volume with only an hour left in the day, then closed like that. Good lord. Was very very fun to watch
While CANN was slightly red, some out in the sector had big bumps in volume and increases in price. My portfolio was green aside from CANN.
This doesn't necessarily mean anything unless the trend continues, but I'm excited to see how the rest of the week goes
Banking could be voted on this week. That was the bigger issue.
Ah yes. I disagree with Trump, therefore I must be "the left." You have absolutely no idea what you're talking about here, and, like your "behind the scenes," claim, are just throwing things against the wall and hoping something sticks. I get you're a Trump guy, but there are more than two options of L or R. I'm just able to look at the issues and make an informed analysis. That's why I'm providing input and insight, while you're making chicken noises. ;) I quit being a high school kid many years ago. If you joined the adult world with the rest of us, you'd see it's far more in depth than rooting for your team as if it's a game of basketball.
Well considering nothing about MJ policy needs to be secret, doing things "behind the scenes" means nothing to us, and it's an easy claim for you to make, knowing that you have zero evidence for anything you say. "Oh it's behind the scenes, so, of course I can't prove anything." Jeff Sessions represents the hold-out ideas of years long past and refuses to join the modern world, or even acknowledge that virtually all Americans disagree with him in this regard. Trump could make one simple statement in a public way, sign an EO, or anything along those lines and has repeatedly chosen not to. He's more angry over Sessions' recusing himself from the Russia investigation than he is about any other decision Sessions has made. Rather than setting some direction and showing some leadership, Trump tweets about the things he sees on Fox and Friends and little else.
Absolutely. It's already not worth it to be in the illegal alcohol market, tobacco, a number of others. It's easier to just get licensed properly and do it right. After some time, MJ will be the same way.
Jeff Sessions won't pursue small time MJ cases.
WASHINGTON -- Federal prosecutors won't take on small-time marijuana cases, despite the Justice Department's decision to lift an Obama-era policy that discouraged U.S. authorities from cracking down on the pot trade in states where the drug is legal, Attorney General Jeff Sessions said Saturday. Federal law enforcement lacks the resources to take on "routine cases" and will continue to focus on drug gangs and larger conspiracies, Sessions said, speaking at a Federalist Society event in Washington, D.C.
https://www.cbsnews.com/news/jeff-sessions-doj-prosecutors-will-not-pursue-small-marijuana-cases/
While it's not as definitive as the Cole Memo being reinstated, this is basically the guidance we've been looking for. After he rescinded the memo, US Attorneys for the various MJ states all responded that they weren't going to pursue legit business and instead focus on gangs and the black market. Now, in a public way, Sessions is finally on board with all the US Attorneys that work for him who are also smarter than he is.
This news is coming at at a good time, because a bill in the Senate is looking to allow banks to do business with MJ companies. 10 Senators (7 Democrats, 2 Republicans, 1 Independent), are wanting to attach the bill to a different banking bill that could be voted on soon.
IMO, these are the things we've been looking for. I felt like money wouldn't start flowing into the sector again until there was SOME kind of reassurance from Washington that there won't be a crack down. Investors in this sector are too scared and too ignorant to understand that the protections on Medical MJ also protect recreational, because the two are barely separated at all. Every state that has recreational also has medical. You can't prosecute a recreational business without also damaging a medical business in addition, and so those actions were prevented by limits placed on the DOJ budget. There's also the fact that the DOJ just doesn't have the resources to combat legal MJ or take down legal MJ businesses, something which Sessions acknowledged in his statement. So FINALLY, here's the reassurance that the herd of terrified cats that are MJ traders were looking for, and finally maybe the sector will reignite.
IF, we start seeing a turn around, I'd expect it to be similar to early December. We'll start to warm up, there'll be increased activity, increased volume, and if that keeps up without someone in Washington saying the wrong thing again and starting all the scared cats running, we'll start the rush again.
It certainly could, though I'd give it about 2/3 chance of it happening. The advantage with this rider is Rand Paul, one of the co-signers, and Mitch McConnell are both big on industrial hemp. These sorts of things also help their growing sectors, as both guys have added language to farm bills that made it easier for the hemp industry to grow in their states. We know the Democrats are already more MJ friendly, so it's good to have a few key Republicans in it as well.
The advantages as I see it are:
-This is not a poison pill. While I disagree with gutting Dodd-Frank, allowing banks to get in on the multi-billion dollar industry is only going to benefit everyone from the bankers to the representatives on their donation lists. Even if a particular Senator isn't in favor of our current MJ landscape, this won't be enough to get them to vote against the overall bill. The Koch brothers have also gone on record telling Republicans to stand up for state rights and support MJ legislation.
-The Senate is the place for this to come up. In the House, this would be dead in the water, since the current makeup of the house allows for anti-MJ sentiment to remain, unchecked. Until after the mid-terms, I feel like MJ bills will only make any progress if they originate in the Senate.
Awesome news, if it wasn't attached to a bill that would allow another 2008 crash to happen. Still, I'll take it
Not a bad day. Closed on the up tick. I was hoping for $4+, so not too shabby
Interesting day so far
CANN is the most fun to play, that's for sure. I can't imagine what will happen when the Republican anti-MJ blockade is lifted. I literally drool at the idea of an unhindered green rush after banking protections are passed and MJ is either federally protected or decriminalized all together
His opinions reflect the last person he talked to. Since none of his inner circle or the hosts of Fox and Friends are pushing for MJ protections, neither is he.
I suppose that's why Trump has done nothing since Sessions rescinded the Cole Memo, and said nothing last year when Sean Spicer said we should expect to see the laws enforced, right? ;) He could solve the MJ problem via EO and chooses not to. Or he could order Sessions to reinstate the Cole Memo and instead does nothing. In this category like so many others, Trump provides nothing but impotent "leadership," if you can even call it that.
I'm not great at predicting bear markets, honestly. How low this goes depends on a lot of things. I have buying increments on the way down, but if we go down to November 2017 Levels or something, I've got a wad of cash waiting. I don't expect that to happen, but there's really no way of knowing.
On the list of hype items:
-The budget agreement in a couple of weeks could include protections for recreational MJ. McClintock-Polis could be included, or something of similar language. During one of the last rounds of negotiating the Continuing Resolution to this point (May have been January, but I can't recall exactly), Rand Paul was trying to get that language inserted to the bill and wasn't able to. The nice thing is, as backwards as some of the Republican hold outs on MJ have been, we're starting to see them come to reality. This, IMO, would be absolutely huge for the sector. Small side note, Colorado Senator Cory Gardner claims he's confident state MJ laws will get protections from the DOJ, similar to the Cole Memo. I'm not sure how likely that is with human garbage Jeff Sessions in power, but you never know.
-NJ is expected to legalize soon.
-There's also the Hemp/CBD Lawsuit against the DEA. This one is backed by 29 members of congress if I'm remembering correctly. This deals more with the hemp sub sector, but hemp and MJ run together, as price spikes happen regardless of the products of each ticker.
-Massachusetts starts recreational sales in June.
-Also in June, Epidiolex is expected to be approved by the FDA. At that point, the government at large would have to finally acknowledge that MJ no longer meets the criteria for Schedule 1 Classification.
-There's a couple other things on the list, but those are the major ones as I see them.
-If we're looking at the worst case scenario and we're waiting for the mid term elections, that could also be huge. Traditionally, the President's party always loses seats during the mid terms. Only 3 times in the last century has this not been the case. The Clinton impeachment and 9/11 are two of them, when then current congressional makeups stayed more or less the same. So, this time, the Democrats are certainly expected to take over, given they traditionally would anyway, and the abysmal track record of Trump & Co. One lone Republican, Pete Sessions (not related to Jeff), has blocked any and all MJ legislation since 2016. If he either loses his seat or is no longer the chair of the House Rules Committee, then FINALLY the backlog of 19+ MJ related bills can come up for a vote. If the House has a more favorable makeup for MJ, then there you have it. Any amount of stability brought to the open question of MJ would give us a serious Green rush the likes of which we've never seen. At least in my opinion.
Yup. This is sector wide.
I'm curious as to what's driving this, if anything. The recent Tariff announcements certainly caused some turmoil in the Dow, so it's possible now that investors across the board are getting a bit spooked and are looking for less risky options. Though I'm not sure how solid that is because in 2016, MJ had some of its best days when the Dow was red.
2018 is still a big year for MJ though. This thing has grown too big and will outgrow the non-related Sessions twins who seem determined to run a crusade on something the public doesn't want anymore.
I've got a lot of play money thanks to that run to 11. I'll buy at increments on the way down. It's my usual strategy between rushes. Acquire and wait.
The sector more or less runs together. While it's looking like we're starting to come out of this down trend in the rest of the sector, there isn't going to be a big influx of money coming into CANN quite yet. There are exceptions from time to time, but stuff like this really adds to the long term rather than the short. At least in my experience.
Interesting trading day. A couple of my other stocks have very similar charts to this one... Very very flat, slightly increased volume
Nice bump in volume compared to the last few days