Back on August 13, when the broad market was strong and marijuana stocks were even stronger, I took partial profits in our four strongest stocks (which were also our four largest positions) because they looked very extended to the upside.
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There hasn’t been any real news about our stocks in the past week, but I’ve been watching the charts carefully, trying to decide whether it’s time to put some of our 35% cash back into the market, or to take more out, or simply...
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Fundamentally, the only recent news regarding the marijuana industry is that the U.S. House of Representatives will vote on the MORE Act, which would deschedule marijuana and thereby legalize it federally, the week of September 21. Passage is likely. Getting through the Senate not.
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Three weeks ago, when the marijuana sector seemed extremely extended to the upside, we sold 25% of each of the positions in our four U.S. multi-state operators
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One of the market truisms that I learned long ago concerns selling stocks near the end of a strong run-up—and because the odds are growing stronger that we’re nearing such a situation now, I bring it up today.
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Over the past week, marijuana stocks have been particularly strong, with the strongest being the four leading U.S. multi-state operators that we own—and that means it’s time for another brief update on strategy.
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The strength in marijuana stocks that began two weeks ago with breakouts by the stocks of the four leading U.S. providers has continued this week, so now I’m going to take the portfolio to a fully invested position.
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The good news is that leading marijuana stocks have seen some heavy buying in recent days—so much, in fact, that the four leading U.S. marijuana stocks have all broken out above their May or June highs.
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The stocks in the marijuana sector have pretty much traded in sync with the broad market since the March bottom, climbing strongly to late-May or early-June peaks and consolidating those gains since, with many stocks pulling back to sensible support levels.
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The marijuana sector looks increasingly healthy, as the leading companies continue to post triple-digit growth rates and the leading stocks continue to climb higher.
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While the broad market enjoyed a powerful upmove yesterday, the marijuana sector was even stronger, with the Marijuana Index surging 15%.
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As coronavirus matters continue to dominate the headlines and the world works toward slowly reopening, the action of marijuana stocks continues to impress—and with good reason.
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From top to bottom, the Marijuana Index fell 88% from early 2018 to last month’s market low, and now the recovery has begun.
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With the market down more than 30% since it peaked a month ago, it’s worth reviewing the reasons for the quick crash.
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The good news is that the amount of cannabis intercepted along all U.S. borders has fallen by 89% since 2011, from 2.5 million pounds per year to about 270,000 pounds in 2019.
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Marijuana stocks have been building a meaningful bottom since November—and there are good and bad aspects to that.
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Marijuana stocks remain under pressure (with a few exceptions), as firms struggle for growth and profitability.
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The stocks in are our portfolio are gradually looking healthier, as bargain hunters invest more carefully, focusing on the stocks with the best prospects for real revenue growth and real earnings.
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The broad market remains strong, while the cannabis sector remains stuck in the mud—in general.
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Marijuana stocks remain under pressure, as year-end tax selling pressures continue, but the marijuana industry is booming, as evidenced not only by recent quarterly reports but also by the growth of MJBizCon, the industry’s leading conference.
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