Oh how quickly the bobbleheads change their mind about the direction of stocks, economy, etc. Yesterday’s dovish Fed-fueled rally has led to bit more of a somber tone today as some “experts” are now saying the Fed will never raise rates. That’s a new one. “Never” is a ridiculous statement as no one knows what the future holds. However, the media sure loved the story.
Cannabis stocks are still working through their own issues. We saw several ridiculous press releases again that amounted to mostly nothing of value. It is not press worthy to state that you are putting pictures up on Facebook, no joke. The paid promoters seem to have new funds flowing in as several stocks are getting pumped today. We need to see real fundamental growth from these companies, not regurgitating existing information as news that will lead to imminent ridiculous upside. How can anyone have confidence of a price target 1000% above existing levels?
Daily Positive: One thing of positive note in the cannabis world is that some states are expunging criminal conviction records for past cannabis-related infractions. This only makes sense that someone would no longer have a besmirched record for possession of a product that is now legal. We are glad to see that this is happening for so many reasons. Primarily because these laws are ridiculous and really hurt people who are trying to be functioning citizens. Additionally, this should free up courts and law enforcement from having to spend time and money dealing with cannabis issues.
As investors who are obviously pro-cannabis, we take issue with some people being celebrated as “Cannabis Kings” and millionaires while others are serving prison sentences or are carrying the weight of a conviction record that might hold them back from professional success. The industry will experience greater success when the opportunities are equal and when the laws reflect and support that.