Two and a half years ago, weed stocks had a bit of a moment. In February 2021 pretty much every stock shot upwards due to a democratic president being elected and a general optimism in the air for legalization.
Since then, it’s been a slow and depressing descent. Until earlier this month, when a letter was leaked that suggested the DEA change the scheduling of marijuana to III. Most stocks, including Canopy Growth and the Yolo ETF, got a nice little bump. Nowhere near those 2021 levels, but at least it’s something.
Of course, nothing has yet to come from that letter, so the stocks are gradually going back down. But then again, there’s a little more optimism in the air, and the banking bill is finally scheduled for a vote on the 27th of this month. This has given the market yet another little bump.
So, where does this leave us? Judging by how quick the stocks are moving, it seems they’re ready for a giant spike once some actual federal news occurs. So while it was initially a blip on the radar earlier this month, it’s becoming a sign of the potential heights of these stocks. Right now, there isn’t much growth over at Canopy Growth (CGC) or Tilray (TLRY). But there’s clearly a willingness FOR growth.
Oh, and also, this isn’t financial advice. Just some thoughts.
