The Swiss National Bank shocked global currency markets today by lifting its three year cap of its currency versus the euro. We were not necessarily advocates for the cap because we didn’t see it as a sustainable or a good use of a country’s capital. The Swiss spent billions of dollars over the past three years, which begs the question, was it worth it? Earnings reports are flowing in and the results out of financials have been disappointing. As a result, U.S. markets were weak today with the S&P 500 dropping 0.92% to 1,993.
Volume is once again thinning in the cannabis sector. Risk-off sentiment in the broader markets may have a trickle-down effect on the participation in this high octane sector. We are also in a void of market catalysts for the time being. We are not going to report on the two indices anymore, as we are often not getting accurate data about their performance. Until this improves, we don’t want to give our readers inaccurate information.
Daily Positive: We’re bullish on the cannabis industry; see below for relevant rationale.
Daily Negative: 2015 is the year of revenue, not the year of wasteful press releases. Enertopia takes the cake today for a pointless press release. The market would rather know about revenues or facilities status rather than the hiring of another IR firm to help support the stock.
When reviewing where we are with the industry, it is heartening to see that capital is flowing into the cannabis sector. Investors have continued to place capital at increasing rates in the industry with hopes of watching it grow and evolve. People can say what they want, but the rubber hits the road when money is placed on the table.
We’ve mentioned this before, but when capital flows in, jobs are created. WeedHire just put out a new report detailing the career growth and opportunity that cannabis is presenting. It is nice to see an industry that is creating job growth in the U.S.