The jobs report came in stronger than expected today with a monthly gain of 295,000 workers, and the unemployment rate dropping to 5.5%. Another strong report for the U.S. labor force is causing some uncertainties around the timing of pending Federal Reserve action. U.S. stocks suffered as a result with the S&P 500 declining by 1.43% to 2,071. It is interesting to note that Apple will replace AT&T as a member of the Dow Jones Industrial Average.
It’s Friday so not much to be said in the cannabis space today.
Overdue Daily Positive: MassRoots, the leading social media company in the cannabis space, is due to begin trading in the next month or so. Earlier this week, we saw continued progress toward the company’s public presence with the issuance of its ticker (OTC Pink: MSRT).
Daily Negative: We are still playing catch-up from a busy week. However, we witnessed potential price manipulation in a few stocks today.
We apologize for the lack of daily commentaries this week. We have been traveling non-stop for the last several weeks around the country. We visited many companies both on the private and public side of the cannabis market.
There has been a tremendous amount of pain felt by many public market investors as the post bubble deflates. This continuous pain is really dampening public investor sentiment. However, we feel we are always impressed by the amount of wonderful activity we are seeing in this fast growing market.
Stock prices don’t always reflect the fundamentals of a business, especially in the challenged OTC markets. Though the pubco world continues to rebalance, we remain bullish about the potential opportunities in the cannabis sector.