The European Central Bank announced today their long awaited QE program of $50 billion per month. The Eurozone has yet to really recover from the 2008/2009 global credit crunch. Unfortunately, the equity markets have largely expected this move. The U.S. dollar continues to surge higher, as seen here via the PowerShares Bullish US Dollar Fund:
Despite the currency volatility, U.S. equities managed a decent gain with the S&P 500 rising 0.47% to close at 2,032.
Cannabis stocks were better to sell today. Perhaps this was due to the hangover from yesterday’s press blitz. Regardless, the space continues to hold up despite the volatility experienced by broader equity markets.
Daily Positive: Is there finally a bank that is publicly servicing the cash management needs of the industry? MBank is a small Oregon bank making progress in Washington state and now potentially Colorado. As a note, it is currently an OTCBB stock with very thin liquidity.
Daily Negative: It is hard to see broad cannabis price appreciation for several reasons such as the numerous low quality companies in the space and overall valuation. It will be interesting to see how the market welcomes new entrants into the space as the year progresses.
This past weekend we attended the Cannabis Career & Job Fair in Oakland, California, hosted by Bloom Farms. The event featured 16 companies who are hiring in the cannabis industry with over 1,000 job seekers queueing up for Saturday afternoon. We arrived promptly and the line was already snaking around the corner with excited prospects.
The hiring companies included a range of products and services. Some prominent edible companies, such as Kiva Confections, and Auntie Dolores, are seeking sales coverage, operations, etc. Meadow and Eaze are looking for brand ambassadors for their delivery apps. The opportunities engendered enthusiasm from the crowd waiting to enter. Read our full account of the event.