U.S. equities opened strong again and traded softer on waning volume, a similar pattern for the third consecutive day. International markets have been a bit stronger recently which has contributed to the early strength in U.S. stocks. The S&P 500 closed down slightly by 0.12% to 2,067.
mCig continues to progress with its VitaCig dividend/spinoff. Today, mCig posted a press release stating today as the ex-dividend date meaning shareholders as of today would be entitled to the VitaCig dividend. Investors took the news positively as mCig closed higher by 16.8%.
Daily Negative: Another pointless press release out of NTRR talking about a bank in Colorado. We don’t need a company press release to “applaud” or “cheer” industry progress. Instead, investors would be better served to read about actual business development.
There has been a lot of press focusing on the fact that cannabis is becoming a big business. However, it still seems that the public markets are lagging on this front. As the industry matures, it will be increasingly difficult for those who are just trying to make a quick buck on low quality companies. There are some great names trading at much improved valuations versus earlier this year. It merits looking into those companies for those seeking long term exposure to this growing industry.