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It'll happen early through mix next week most likely. My portfolio is spread out on call options for cgc & gold or else I would add more around the the low to not 1.30s
I'm not saying overbought now. It is on the hourly tho and I'm saying for a pullback to set a daily higher low after going 50%. That pullback could be 5-10% to consolidate a little then confirm a daily trend change heading north again. I believe that this is going more than double from here this year. I'm just stating what I would like to see for a healthy move and trend change. This would get shorts back in again and then with the trend change is when the real short squeeze would happen
With that said, there is nothing saying that it needs to pullback today
What I would like to see now is a healthy pullback to digest the +50% move, cool off RSI readings, set a new daily higher low and then break the highs of Thursday to change the daily trend. I still have my shares here, but this is what I want to see for a healthy chart into longer term continuation to the upside
Lol! This thing is never going to squeeze out shorts. I'm not short, but if I were I would have sold to enter my position and threw the key away
We will get the actual short data tomorrow on the 15th. As of October first IAN had 6.3million shorts outstanding on the CSE
Except this isn't a cannabis company. It was all a big money grab from the shareholders. Chances are that this stock will just continue to sink into the mud. I've followed the stock for 2 years and ditched the garbage last year (only trading it afterwards for short pops). It's dead and gone. Put your money in actual US MSO's that have real growth and have an excellent team. Those will run 10-20x into us legalization. Stop playing with this dumpster turd
Blaze Capital did a few hour due diligence video on Ianthus today. He was bearish going into it due to the charts and has been bearish on the stock for months now. After going over an extensive amount of research he now likes ianthus at these levels. Nothing was said in his findings that I already did not know, but for those that did not go into a great amount of depth into the company to find out the good and the bad, this video is definitely worth watching. The first half hour or so isn't anything substantial, but later on gets into the juicy stuff
Again they didn't NEED to. They WANTED to in order to have operations ready in NY & NJ to be the big player in those states. There is a big difference between needing and wanting. They choose to get financing to accomplish this.
Could it be bc they are increasing their production facility by about 50% by the end of the year and want to have their NY & NJ facilities up and running by EOY? (Not to mention their doubling their facilities in mass by end of year and have a massive expansion plan in Florida as
well). You act like they need the funds to continue ongoing operations. They don't. They needed the funds to build out the big markets in the northeast to establish dominance for when they are legal. This means that they will be more than ready when legalization occurs unlike the companies dropping the ball in Illinois already
I believe this will happen. Mitch McConnell is in California talking to MJ companies about the importance of banking. Big money is trying to suppress any run so that they can finish covering and loading. This will easily double at the absolute minimum before year end
I agree with you! A little over a month and we will hear Q3 revs, which should show that this is trading at an annualized price to sales ratio of ~1-2. Anyone that wants to get in had better do it before then bc this stock is going to rocket higher when they realize just how low this is trading.
They just secured financing and growing at a pretty impressive pace. I'm not sure what short or group of people is suppressing the price, but they have an agenda. After going over the books, this is worth way more than it is trading at currently
That's typically what it is for. People get worried about it, but it helps them pay zero taxes for awhile that's for sure.
They said they were going to be fully reporting last 17 months ago and kept dangling the carrots. How can anyone believe this cap anymore
People are still in this garbage? Lol! The whole MJ sector is bottoming and starting to rally the past few days and this shit is down at 3 pennies lmao wow...
Ianthus is building an 80,000 sq ft facility right now. This would be huge!! https://www.nj.com/marijuana/2019/10/cannabis-industry-insiders-are-optimistic-legal-weed-can-pass-later-this-year.html
I believe odds are extremely high that this was it. The weekly volume so far is just a little shy of last week's volume and we have two trading days left. The daily volume was all out bull and was the 4th highest daily volume in 3 years. This signals to me a volume climax and we likely are heading to the northern direction to bring this stock back to fair value
Well just glancing over it. GTBIF is trading at a 3-4x premium when it comes to annualized price to sales compared to ianthus. I'm not saying it is bad, but it is not at as big of a bargain in comparison. I would have to do extensive DD on them to really compare the two all around
As of today's closing price, their annualized price to sales ratio is now 2.67. Hadley said on their conference call yesterday that they are doing over $10million a month now so realistically they are trading at around 1.7 price to sales if they did over 10million each month in Q3. Super cheap here
I compared them to another MJ Aurora to see how they are stacking up to another company in the sector and ACB is trading at an annualized price to sales ratio of 10.58 or 4x higher. Sooner or later these valuations matter as companies cannot trade below book value. We have massive short positions open in the sector and on Ianthus. When we rally, it most likely will be explosive and shorts scrambling to cover.
I doubled down on my share count today. Good luck to all longs!
Not 15 months bc the can extend an extra 12 months. They have 2 and a half years to pay this off
Now they have all the financing they need into full on US legalization. They stayed that in 2020 they will be cash flow positive. Also I went back and noticed the market cap Friday was $237million and they forecasted to do $242million in sales next year. This is dirt cheap right now
Because at some point valuations on the company matter and cannot continue to go down. The share price then rebounds to more accurately reflect the company and the growth that it is achieving. Right now an annualized price to sales ratio is just a hair over 3, which is extremely low. This number in my opinion is extremely conservative since it does not account for any future growth over the next 3 months. So in reality they are trading closer to 1x sales, which is ridiculous. At this rate a company could come in and do a hostile take over of ianthus.
That has got to be the craziest thing that I have ever heard. At that price then they would only be trading at a P/S of 1.93 when annualizing their most recent quarter, which is a conservative forward outlook that would discount any further growth in their next 3 quarters. Do you honestly think that they should be trading at 1x sales? Are you that dumb or just ignorant to the numbers
I doubled down today on my long term position. Great prices and after a lot of fundamental and technical analysis. A lot of things line up for a reversal to the upside
Now with the week closed we can assess the longer term time frames. The weekly candle is now the 5th highest volume week in 3 years of data. High volume at the bottom of a downtrend normally shows capitulation to a reversal. As of today's close we are now trading at a P/S of 7.46 using a trailing twelve month, which I would argue is not accurately depicting the real number since the merger and drastic increase of sales. For example if you look at Q1 of 2019 you will see that they did $9.6 million in revenue you will notice that in Q2 they more than doubled that figure by generating $19.2 million in revenue. If you were to annualize their most recent quarter the P/S would then become 3.08. This is actually conservative and would factor in that the company has zero growth in the next 3 quarters, which is highly unlikely given their track record. Do you know who else has around that P/S ratio? JPMorgan. Actually they have a slightly higher P/S ratio and they have nowhere even close to the growth that this company is experiencing. All while their main area still isn't even open to them just yet (New York). This will happen soon however as even after the governor of New York met is meeting with other governors from other states for a joint effort in legalization. Also the governor of Pennsylvania Tom Wolf now has come out and stated that he wants to legalize recreational marijuana. The northeast is about to open up in a big way soon!
Now lets look at the updated technicals---
Weekly RSI - 23.32
Daily RSI - 21.75
4HR RSI - 21.01
1HR RSI - 25.79
StochasticSlow indicator still showing a buy on the weekly and daily. As you can see we have now become more oversold on all of these longer time frames. Today's volume was the highest of the week and the 8th highest volume day in 3 years worth of data. This weeks volume is the 5th highest in 3 years worth of data. This is extremely high volume, which often indicates capitulation and a reversal.
With it being on the OTC shares are easily manipulated. I know it was on top watch for a bunch of big day traders that I follow and they do scalps. With their large positions when they sell they hinder the stock from going up and in result ruin the charts and add fuel to the fire for shorts and MM. I'm not against day trading at all. In fact I male multiple trades every day just not on these low cap stocks since I feel they are more made for swings at least when you have larger capital. Regardless like you said this bill benefits ITHUF and these prices are an absolute steal. I have plenty of capital to add if shorts try to get greedy. They will get squeezed soon enough
Bahahahahaha I just decided to come back and check on this scrub of a stock. Down from .20+ not even a year ago and people still think this will go up. This is hilarious. It's dead, it's over
Just as nothing goes up forever, nothing goes down forever. This stock is too beat up currently only trading 7x sales compared to curaleaf trading at 31x sales. Shorts just piled on and with it being on the otc they got an exaggerated move. This will correct to the upside
Loading the boat!
Massively Oversold
Weekly RSI - 24.56
Daily RSI - 24.99
4 HR RSI - 26.81
Stochasticslow indicator showing a buy on the weekly and daily. We are also in the strong support area from 2 years ago. What has happened since then you may ask? Well to put it simply in 2017 the gross profit was negaitve 2 million meanwhile this year alone the company has gross profit of 17 million for just half the year. We also have the passage of the SAFE banking act in the house.
Accumulating here for long term. Thank you market manipulators and short sellers for the early Christmas present
I was just about to post the same article, but you beat me to it. I feel the sentiment is shifting fast in this sector as a whole now. All MJ stocks were oversold on the daily chart yesterday and now shorts are getting caught with their pants down. APHA crushes earnings and now the CRON news. On top of that we have earnings next week! Thus us goi Mg to be a fun ride! :) slap the ask and add pressure on the shorts. The bottom is set and summer lull over!
CRON is oversold on the daily at ~27 rsi. Also just above the Altria deal price of $12.30usd. Plenty of support here and earnings come out next Thursday. Look at APH that ran ~31% on their earnings BEAT. If you think CRON won't smash earnings think again! They have marlboro behind them and almost 2 billion in cash! (Which I think we may find out more about their decisions to spend that with on earnings day. Buy out canntrust facilities perhaps? Buy out an American mj company? Who knows) I for one am extremely bullish on them at these levels. Slap that ask and enjoy the short squeeze! :)
It's been in a falling wedge pattern for over a month on the daily chart. Earnings almost here, legislative progress with marijuana reform being worked on, and was also oversold for the first time ever on the weekly chart around very strong previous support area. This is going to run hard...very hard. Take a look at that weekly chart too, capitulation volume for the week will be there with 2 more trading days to go, forming a bullish reversal hammer about to pop at least back to $4.00 short term
USA MJ Reform is under way ttps://mjbizdaily.com/us-house-judiciary-chair-introduces-sweeping-marijuana-reform-bill/
Except when it ran 2 years ago the charts weren't in almost a 2 year down trend. This stock absolutely sucks. The solution scam has been revealed and anyone with half a brain would not long this anymore. Management is extremely shady to say the least
Most likely was just shorts that covered now. This company is absolute garbage with diluting it's shareholders. I would never long it honestly. I agree with your thoughts on gap up (maybe) into profit taking since multiple time frames are pretty extended
LOL! apparently you don't understand how charts work. If it were to go that low it wouldn't do it in one day.
Thank you!
Anyone have the link where I can listen to the conference call?
It just received a downgrade on price target to $18usd. The MO deal valued them at $12.25. Oddly enough if you draw a trendline on the daily from the bottom after legalization the line price for today is in the low $12 range. Coincidence? I think not. MO knows what they are doing and they aren't paying a premium for a company that is only doing 10 million in revs. Now its time for it to come down to reality, which imo is under that analysts target
it needs consolidation. Earnings next week. If this somehow makes it that long, the sell off will happen then