Asian markets fared well overnight, leading into a stronger opening for the U.S. stocks. Equities built on the early rally through the day, which was a welcome relief after five consecutive negative days. The S&P 500 moved nicely higher by 1.17% to 2,026.
Cannabis stocks were moderately weak today. The sector is currently void of industry catalysts and therefore dependent on individual company updates. MJIC Marijuana Index ticked up 0.9% and Benzinga 420 Marijuana Index moved lower by 2%.
Daily Positive: This is an industry for the people. We can all participate and help the industry progress in the right direction. See below for a simple and free way you can help make a difference.
Daily Negative: We are advocates for fair reporting and not trying to profit from manipulation. This is sadly not the case with some Seeking Alpha contributors, as evidenced by today’s article, “Surna Inc: Why This Hyped Stock May Go All The Way Down To Zero.” Note, the writer may short the stock in the upcoming days. Spreading false information in a negative way would benefit the writer.
The Apple app store has broadly banned cannabis apps from its offerings, which is fairly counterintuitive for anyone who knows a bit about Steve Jobs and his love for the plant. This policy is embarrassingly outdated and goes against Apple’s motto of “Think Different.” The store’s bias and stigma around the plant is definitely not thinking differently; in fact, it is about thinking the same and being locked into the outdated concept that cannabis is a toxic substance with deleterious effects. Well, that is simply not true! For myriad reasons cannabis and hemp have positive offerings to society when used responsibly.
As investors, we know that the expansion of this market is dependent upon consumer and voter perceptions; and as these change, so will the laws. As laws open up, so will opportunities to grow this market further. Let’s face it, Apple is a cultural leader, or has been, and if they embrace the future of cannabis, it will send a clear message that this industry is evolving and has great potential.
To support this initiative you can sign a petition being hosted by MassRoots, a leader on the tech side of this industry.