Weed Watch Ahead of Wednesday, October 17

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SYNOPSIS

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It’s been another one of those weeks. We reported last week about how grim things are on a broad-market basis. Well, it’s worse now. 70% of about 2500+ Canadian stocks that we track are now trending lower, as are 81% of nearly 10,000 US stocks. The percentages are worse when you focus on the large cap stocks of the S&P 500 and S&P/TSX Composite Index.

Day by Day… Both the S&P/TSX Composite Index and the S&P 500 dived sharply last week, before a small relief rally on Friday.

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On the trading front we sold one position and replaced it with another. Otherwise we’re happy to be mostly in cash for now.

PTA Perspective… Weed Watch Ahead of Wednesday, October 17
We can’t ignore the fact that the magic date (Oct 17) for the overthrow of cannabis prohibition in Canada is just a few days off. Whether you’re still having trouble adding up the amazing profits you’ve made since early August, or waiting to see if you should jump in after celebration day, this is a monumental occurrence for the investing community.

Cannabis a thematic investment space that has clearly dwarfed US state-based legalization (in some states) by orders of magnitude. It’s not that the Canadian recreational market is bigger (California’s consumer base is probably higher than all of Canada), but we’ve spawned the largest producers of product and services in the world, and none of them are just looking at Canadian market potential. These will be the global players that will set the standards worldwide.