Global stocks continue to seek their footing as we move through earnings season. U.S. stocks rallied into the afternoon, unwinding most of yesterday’s selloff. For the day, the S&P 500 finished up 0.94% to 2,021.
Cannabis stocks were skewed to the negative today despite numerous headlines. Many cannabis participants may have tuned into to the day-long Cannabis Investor Webcast.
Daily Positive: The markets are moving along largely unaffected by a deluge of press for the industry.
Daily Negative: We see some pumping going on, investors be careful out there!
The ArcView Group hosted its first conference of 2015 earlier this week. For those that don’t know, ArcView is an angel network for entrepreneurs and investors in the cannabis industry. ArcView has almost 500 investor members and is filled with incredible people. It is truly amazing to see how this industry continues its rapid growth in so many positive ways.
This year’s event was an historic event, as it was two days and hosted new investors from a range of backgrounds. The entrepreneurs are showing a new level of acumen and polish, and they are bringing great pitches to the events. The keynote was also quite exciting. Justin Kan, of Ycombinator and other successful ventures, spoke a bit to his experiences in the world of capital and entrepreneurship. It is exciting to see the attention the industry is getting from other sectors and we want to continue its progress.
During the meeting, we moderated a public stock panel. It was great to discuss the market with investing veterans, such as Douglas Leighton from Dutchess Capital, Urban Smedeby from MJIC Inc. and Leslie Bocskor from Electrum Partners. Isaac Dietrich from MassRoots also spoke to his experience as an entrepreneur working to bring his company to the public market via a Direct Public Offering (DPO). As a group, we have all spent time focusing on these markets and willing them to improve. It will take some time before we truly have a solid sector. However, the new companies we see entering with greater transparency and responsible management will inevitably help shift the situation.
Long gone are the euphoric days of January-March of 2014, which proved to be unsustainable (not shocking). However, we are very impressed with the quality of the media coverage at ArcView this week. We applaud the quality of the media and their objectives. We are also pleased to see the public stocks yawn to these news releases. We see this week as a strong signal to many Americans about the realness and professionalism of this nascent industry.