We're about to see legalization in Canada and the prices of major cannabis stocks are falling down. Most stocks in the sector have been seeing losses over the past few trading sessions, very few making positive strides. Should we be buying this? I'm watching closely myself because I have a few things I want to accumulate.
Green Thumb Industries is one I've been in for a while. I began watching it shortly after the IPO and watched it jump up to $12 or so off the bat before falling to $6.44. I was getting ready to begin cost averaging there and price reversed and started heading up. I initially bought in around $9 and it rose up to $24. Having retraced now to under $16 I believe it's approaching a bottom. The stock is very bullish with a lot of money backing it, I think we could very easily see it be the next Tilray.
MedMen Inc just acquired a local dispensary near me, Seven Point. They have also acquired a cultivation facility in Arizona. They are expanding well and this is a company that I think is also poised for a major explosion in price. I will have to accumulate more shares here. It hasn't really seen a real breakout yet, and has mostly been in accumulation. It will be an interesting one to follow
Let me know what cannabis stocks you like!
