Markets resumed their winning ways today, led by small and micro cap stocks. The S&P 500 surged back with a gain of 1.24% to end the day at 1951.
Daily Positive – Cannabis extended their winning ways today with decent volume. We welcome the return of interest. In time, we hope new investors will think through their decisions, seeking out professional guidance versus buying based on quick headlines and catchy phrases or tickers.
Daily Negative – Manipulation has returned with several low quality stocks rising again today. It is also interesting to see some of yesterday’s big pumps falling back today. The marketplace continues to get confused with special interest groups putting out overly positive comments without new information from the companies. More of the same bad actors at play.
This week hundreds of cashless ATMs used in dispensaries were shut down, leaving operators and consumers frustrated and reduced the number of possible transactions. The upshot of this door slamming shut is just further evidence that the industry needs an actual banking solution and not just a stopgap. The safety of the dispensary owners and consumers are at stake with a high cash business. This doesn’t even account for the spending data left on the table.
In an increasingly digital payment world with cards and apps, cash feels like a system from another era. Why don’t we just start paying with gold coins or trading lambs for grams? It would be nice to see some legitimate clarification on policy from the federal level, so that banks and other institutions can support these growing businesses, as they would in any other industry.