Michigan & Marijuana Millions
Buckle in — the roller coaster in the stock market continues.
After nose-diving two weeks ago ahead of the Thanksgiving holiday, investors seized on comments from the Fed last week to send markets surging.
By last Friday, though, stocks dropped. Then, to kick off this week, they rose again. As of today they’re down again. Have you lost your lunch yet?
Amid the turbulence, it’s critical to keep your bearings.
One week, it feels like the sky is falling. The next week, markets can’t lose.
But long term, it’s much easier to see the big-picture trends in stocks — and in cannabis stocks in particular.
Hint: They’re Unbelievably Positive!
Here’s a long-term look at the North American Index, a stock market index that tracks a basket of actively traded pot stocks:
Long term, the trend is unmistakable!
Pot stocks keep on moving up and to the right in a major bull trend. No, it hasn’t been a straight shot. There are surges and corrections. Zoom in to some of the shorter time frames and investors have repeatedly swung from exuberant to pessimistic.
This year is a good example. After a massive surge in January, pot stocks established a support level, shown by the red line in the chart below:
This coupled with a double top (indicated by the green circles) above means the next month or two will be critical for how pot stocks perform in 2019.
If the index can maintain its price action at or above this support level, we could see another huge January/February run-up.
If the index falls below this crucial line, short term you may endure some more losses.
But the last thing you should do if this happens is panic.
For the cannabis investors who can ignore the noise in the short term and simply ride the trend higher, the results will unbelievably lucrative.
Even if we bounce around or dip below the index’s support line this month.
Buy The Dips and Ride The Rips!
And right now most pot stocks are about as cheap as they have been all year. That means a major buying opportunity!
Because even as pot stocks dipped this fall, we’ve seen major fundamental progress in the push to make legal cannabis accessible in more locales.
News just hit this week that South Korea’s legislators have passed an amendment to the country’s drug laws to allow medical cannabis. That puts South Korea on a path to become the first country in East Asia to made medical cannabis legal.
Here at home, New Jersey lawmakers have advanced a measure to legalize recreational marijuana this week that could see a vote before the end of 2018.
Patience has proven to be a virtue for cannabis investors.
And I don’t expect that to change anytime soon. As I’ve said time and again in these pages, we’re still very much in the early innings of this trend.
More on the opportunity this presents below…
Ray’s Cannabis Corner
In Michigan we’re just two days away from residents being legally allowed to possess and use recreational marijuana. The commercial industry is expected to slowly scale over the course of 2019.
Marijuana Business Daily projects the Michigan market to generate $1.4 1.7 billion in annual sales “within several years of its launch.”
The potential opportunity for you?
Green Thumb Industries Inc. (OTCBB: GTBIF) could be one of the first companies to carve out a nice slice of the billion-dollar pie.
With operations in both Ohio and Illinois already, it’s likely the company has one of the easier paths to success in the Great Lakes State.
Please just keep in mind this is not an official recommendation and we will not be tracking it. If you do decide to act, make sure to do your own research and never bet more than you can afford to lose.
For Technology Profits Daily,
Chief Technology Expert, Technology Profits Daily