Cannabis FLASH Action
They want it in writing.
William Barr, Donald Trump’s nominee for the feds’ chief lawyer, continues to wait for the Senate Judiciary Committee to confirm him as the 85th U.S. attorney general.
I already told you about Barr.
After Jeff Sessions’ archaic anti-pot stance, Barr’s testimony that the feds shouldn’t stick their noses in businesses operating legally at the state level was refreshing.
But senators are taking things one step further now — they want it in writing!
A D.C. Insider Speaks…
“As discussed at my hearing, I do not intend to go after parties who have complied with state law in reliance on the Cole memorandum,” Barr wrote.
Make no mistake, Barr is a traditional Washington insider. He previously served as 77th attorney general, under George H.W. Bush.
He isn’t a fan of cannabis.
But unlike Jeff Sessions, who spooked cannabis investors when he rescinded the Obama-era enforcement guidance, Barr gets that the final word on legal pot should come from Congress, not from the AG.
While Barr isn’t in favor of “wholesale legalization of marijuana,” one critical thing he’s in favor of is research…
“I support the expansion of marijuana manufacturers for scientific research consistent with law… If confirmed, I will review the matter and take appropriate steps.”
That’s a huge statement because it means that American pharmaceutical companies will be able to compete with their foreign peers when it comes to developing cannabinoid-based therapies.
When it comes to cannabis, having a laissez-faire attorney general should make a huge difference in investors’ comfort about the future of the industry.
Investors hate uncertainty, after all.
And keeping bureaucrats from shocking the financial markets shouldn’t be a liberal or conservative ethic.
It’s an American one. It’s also having a marked effect on pot stocks as we speak.
Pot Stocks Are Exploding
Two weeks ago I noted how thanks to a number of tail winds, including the aforementioned assurances from Trump’s new AG, that pot stocks were poised for a nice run very soon.
More specifically, we noted that pot stocks had reached a critical juncture, as you can see on the chart below.
Through the first two weeks in January pot stocks were on the upswing, bouncing along a resistance level, as indicated by the red circles.
The question was would headline news like William Barr’s concessions on legal pot be enough to keep the run going.
The best proof of this action is in the charts, and boy is this a beautiful one. Pot stocks are soaring over the past five days, as you can see below.
If you’ve sat on the sidelines so far…
Now is the perfect time to get in on pot stocks. This surge is powered by strong tail winds that significantly support the long-term uptrend.
One easy way to do this is with the ETFMG Alternative Harvest ETF (MJ). This ETF contains a basket of all the big names in the pot space, as well as diversified holdings that spread your wealth between direct pot plays and pick-and-shovel companies.
And by spreading your stake across multiple positions your risk is greatly minimized.
Keep in mind this is your safe pot play.
For the biggest outsized gain potential you need to focus on select marijuana companies.
For Technology Profits Daily,
Chief Technology Expert, Technology Profits Daily