Friday Weed Week Eve

Weed Week

US equities were mostly quiet despite the continued economic progress as demonstrated in today’s jobs report. The S&P 500 closed the day marginally higher by 0.04% to 2032, another record close.

Cannabis indices continue to soften as participation seems to be waning. MJIC Marijuana Index and Benzinga 420 Marijuana Index declined by 2.44% and 1% respectively.

Daily Positive: There is a new public company in the works, Indoor Harvest. They are a fully reporting company focused on vertical growing. Sounds like they will begin trading later this year or early next year.

Daily Negative: Elections are now behind us and investors seem to be quick to leave the space. We see opportunity in the public markets, but the progress has been more sluggish than most had hoped.

Next week is going to be amazing in Las Vegas with so many events going on for the cannabis industry. We are going to be tweeting about it and using #weedweek to keep things together. Please feel free to do the same, so we can see what you are up to for #weedweek! Here are some of the events for investors to check out; they will all be interesting and informative:

  • 11/10-11/11: ArcView’s Investor Pitch Forum at the Green Valley Ranch
  • 11/12-11/14: Marijuana Business Conference & Expo at the Rio
  • 11/13: NCIA Fundraising dinner & party at the Paris Hotel

We look forward to seeing you there and to hearing about what you find interesting and cool at the events.

 

The discussion above is provided for informational purposes only and does not constitute an offer of, or solicitation for, any investment services or products offered by the author. The author is not making any investment recommendations and the opinions above do not constitute investment advice. Reference to above indices [and companies] is based on information provided by sources the author believes to be credible. Investing in the cannabis industry, as with other industries, presents certain risks including the risk of loss on an investment.

Morgan is a Founding Partner and Managing Director of Poseidon Asset Management. He is the Chief Investor of their Cannabis Focused Fund. Morgan previously worked for a privately owned Registered Investment Adviser and earlier was at UBS Financial Services focusing on wealth management. Morgan believes in the potential of the cannabis industry and likes having an active involvement as it develops. You can follow him on Twitter @PoseidonAsset.

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