U.S. markets were mostly quiet after yesterday’s “Draghi Rally.” International equities continue to outperform. However, many U.S. investors are not appreciating the international gains given the strength of the U.S. dollar. Equities sold off into the close with the S&P 500 declining by 0.54% to 2,052.
Feels like a Friday in the cannabis sector as stocks were under selling pressure with lighter volume.
Daily Positive: Industry events kick off next week which could be positive catalysts for the industry. More below.
Daily Negative: SHAREHOLDER ALERT: “Pomerantz Law Firm Announces the Filing of a Class Action Against Medbox, Inc. and Certain Officers” and “Federman & Sherwood Announces Filing of Securities Class Action Lawsuit Against MedBox, Inc.”
We have been concerned about recent actions at MDBX and today is just continuation of one of the many challenges at this company.
Well, President Obama didn’t squeeze cannabis into his State of the Union the other night, but he made time for it in an interview. It is nice to see him passing this level of decision-making onto the states. He also addresses the notion of public health vs. criminal implications around cannabis use, which is essential per our column yesterday.
Most importantly, he addressed the issues around “unequal application” of the law. We have also discussed this as a critical issue behind the “war on drugs,” which has really just been a war on personal choice and the deprivation of an entire industrial crop resource and medicinal opportunity. He seems to feel, and we agree, that the cannabis issue will start to gain more traction on both sides of the aisle, which can only mean good things for our industry.
Next week is a big cannabis week in San Francisco! The week kicks off with the ArcView Group meeting, hosting investors and entrepreneurs as they aim to grow this great industry. We will be there, so if you’re heading out please say hello. Additionally, the NCIA is hosting a PAC fundraising meeting at the Berkeley Patient Group on Wednesday, which is a must-attend event. These organizations are the ones who will get the legislation moving in our direction further.