Mixed Monday

Mixed Monday

It was a mixed Monday as U.S. stocks were very quiet following the record close on Friday. The S&P 500 ended the day with no gain to close at 2018.

Cannabis indices were generally sideways today, but looking under the hood was a much different story as volumes and percentage gains and losses were substantial. MJIC Marijuana Index and Benzinga 420 Marijuana Index decreased modestly by 0.30% and 0.20% respectively.

Daily Positive: Election day is tomorrow and excitement is in the air. We saw several companies moving upwards with strong volume as investors bid up several companies that “could” benefit from tomorrow’s elections.

Daily Negative: Rising tides are lifting many boats including several names we see as driftwood. The years ahead are full of opportunity. However, we wouldn’t be surprised to see 80%+ of the current public companies as worthless entities.

We have discussed the importance of voting several times, but want to drive this point home. This industry is a movement for the people, by the people. Every vote counts and tomorrow’s election will be close in several states. So please do your part as an American citizen and vote and encourage your friends in the key spots such as Oregon, Alaska, Florida and Washington, D.C. to vote. These elections can add major opportunities for investors and entrepreneurs ready to take the next step.

 

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.

Related posts

Top