Marijuana Legalization Hits Massachusetts
Markets rebounded Monday after an ugly week of losses leading up to the Thanksgiving holiday.
The volatility has shaken many pot stocks as nervous investors pull money out of growth categories and put it in “safety trades” like Johnson & Johnson.
In the stock market, the volatility continues.
Meanwhile, back in the real world, pot companies continue to make huge progress.
Case in point: Massachusetts ushered in its first day of legal recreational marijuana last Tuesday.
The big day comes about two years after voters overwhelmingly voted to approve legalizing recreational pot.
The move to legalize pot in the Bay State is happening in baby steps. The state is starting with just two dispensaries authorized for recreational pot.
But it’s giving us a sneak peek at the immense demand for legal weed in jurisdictions mulling over recreational pot: Hundreds of cannabis shoppers waited in line for hours in nasty weather to make their purchases.
How to Profit off This New Market
There are a few ideas I’m working on as the revenue starts to flow in Massachusetts.
One of those looks to directly tap the flood of expected cash to spill into marijuana producers and sellers already with footholds in the state. These companies have an inherent edge against competition, at least in the short term.
One company with a strong foothold in Massachusetts already is Green Thumb Industries Inc. (OTCBB: GTBIF).
Green Thumb is a leading medical cannabis cultivator perfectly positioned to hit the ground running as recreational marijuana takes off in the Bay State.
Green Thumb already owns a large cultivation center conveniently located in Holyoke, Massachusetts, and they also have retail space in place in Holyoke. It’s a small footprint for now, but as the Cannabis Control Commission chairman Steve Hoffman noted to The Boston Globe last week:
“I think you’re going to see, every couple of weeks, a couple of new stores and not just stores, but cultivation sites and manufacturing facilities.”
This could be true for both Massachusetts and the U.S. in its entirety soon.
Joe Kennedy Changes His Tune on Pot
Legal weed in Massachusetts also brought another notable win: Rep. Joe Kennedy III officially reversed his position on marijuana legalization in a well-written Op-Ed he penned for STAT the other day.
That’s another vote in favor of federal legalization on Capitol Hill.
And more are coming soon in the months ahead.
Markets remain turbulent today. But the unstoppable momentum of the legal cannabis market continues to charge on without fail.
I’ll continue to work on identifying the most exciting pot investing opportunities in the weeks and months ahead.
To a bright future.
For Technology Profits Daily,
Chief Technology Expert, Technology Profits Daily