Folks we are in a sector that is on a pause looking for direction from a dysfunctional administration.
I personally never guessed we would see the level of dysfunction that we are seeing, neither did the market.
When Sessions went after MJ, he did it without support of democrats, the American public, or much of the GOP. From FoxNews to the Koch brothers to the always right leaning American Legion veterans group, to the President's own treasury... noone was informed orconsulted on strategy - including the states AG's, Governors already in the MJ business... Unheard of!
You have a lone wolf swimming against the tide and will of the American people who overwhelmingly endorse use of MJ for medical and even now, recreational... again, unheard of!
With that backdrop, apart from localized pumps on select MJ names, no different than wild fires across the prairie that ignite then go out QUICKLY, this industry is awaiting a signal and direction. Lawmakers are scurrying to get something done, formulating and attempting to attach riders to bills and that could get the ball moving. My sense is that UAMM are waiting to attach news to broader news within the industry not wanting to waste their "bullets". How soon will industry breakthrough come? I have no idea. I frankly don't know if Trump isn't behind this all, while we all blame Sessions! I don't know from day to day what Trump supports and what he doesn't, he is literally all over the place. Once news comes that offers some protection, and a path forward for banking in particular, this stock and the industry will soar. It could be next week, it could be six months down the road. I don't know.
What UAMM should be doing in the interim is growing the business and improving their offering. I'd like to know the status on that. Adding Dadeano was good news toward that end, but we will see. This is the type of news they should be releasing. What are they doing, how is business going, what opportunities are being pursued, etc. There failure in this regard is breathtaking thus these low volume moves down where vultures are looking for shares and taking advantage of the lull.
