Thursday They are Out There!

Thursday Market

U.S. equities were very tame again today. It wasn’t too long ago we were talking about the heightened volatility. How quickly things change! The S&P 500 closed the day barely lower by 0.13% to 2,097.

Most quarterly updates have been released for cannabis stocks, outside of companies posting annual filings and delayed PINKs. CannaCon is not really the catalyst some may have expected as the stocks are not “buying the rumor” into the weekend. Volumes were light and action was mixed.

They are out there—the ones who are fearful of change and of admitting that the “war on drugs” has ended. It is a war that has no victory and it is one that left many feeling disappointed. Many people have served or are serving egregious prison sentences and an entire nation of taxpayers have paid the price. How? By paying for many years of this failing “war” and of paying the price to keep people in prison.

While many people see the legalization of cannabis to be common sense, there are others who are bent on the desire to take away people’s rights to access cannabis as a medicine and as a responsible recreational resource. This time it is the Safe Streets Alliance, not surprisingly led by a past Reagan-era Justice Department employee. They are planning to sue Colorado and the leading participants in the current cannabis market.

Does this make you mad? Do you feel dazzled and amazed that someone is still clinging to this concept that cannabis is bad and that it should be illegal, that people should be in prison for this? Does it make you frustrated that these people just want to hand the business back to the black market and drug cartels?

By all means, get enraged and engaged! But don’t let these feelings stunt your participation. Now is the time to get involved. We are glad that major press outlets like The Washington Post are covering these stories so that they don’t sneak under the radar.

This is a warning shot across the bow, this is the time to start supporting the efforts in your states and nationwide. If these cannabis opponents succeed, this industry will disappear and so will the investments placed.

Get mad, get motivated, get active. Here’s a list of organizations you can support: Marijuana Policy Project, the National Cannabis Industry Association and NORML. Also, be sure to inform your friends and family how cannabis is beneficial and why the war on drugs is wasteful.

 

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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