It is interesting to note how the market can be classified into months so far in 2015. Each month seems to contain different volatility and sentiment. We are into the third month, which couldn’t look more different than February, a month that looked much different than January. March has been volatile and stocks are surrendering year-to-date gains. The S&P 500 declined 1.70% to 2,044.
Volumes in cannabis stocks are still light but price action was a bit better today. We saw less double digit decliners and some buyer interest in a few names. It feels like the sector is long overdue for a bounce and maybe yesterday’s discussion about April 20 may start coming into play, or it could be the huge news, discussed below.
Daily Positive: Surna announced its first beta shipment of its groundbreaking reflector. We see a lot of potential to further improve growing efficiencies and Surna appears to be positioning itself as a leader in this area.
Daily Negative: Going to stay focused on the positives today!
Today is another historic day for the industry with the introduction of the CARERS Act. This bill shows the willingness of parties on both sides of the aisle to work together.
Sponsored by Sens. Cory Booker, D-N.J., Rand Paul, R-Ky., and Kirsten Gillibrand, D-N.Y., this bill would prevent the DEA from meddling in states with medical marijuana (MMJ) programs. Further, the bill offers military veterans in MMJ states easier access via Veterans Affairs doctors that are allowed to recommend medical marijuana.
While we are pro “de-scheduling,” we are pleased that this bill would at least reclassify marijuana as a Schedule II drug, acknowledging the potential health benefits of the plant. In case you haven’t had a chance to follow, you can access the testimonials of people who have sought out medical marijuana and have found barriers along the way due to the interference of the federal government. People with multiple sclerosis, veterans and parents of children with epilepsy bravely stand together requesting that this legislation gain approval.
On the business side, this would help to resolve the banking issues for legally operating MMJ facilities. This can only help businesses to run more safely and efficiently to keep track of their income and spending. This is an example of why investing in cannabis feels so rewarding. While our projects can grow and flourish, we are supporting patients and business owners who will benefit from safe access to legal medical marijuana.