Wednesday Not a Fools’ Day Market
Markets started the new quarter on a weak note following yesterday’s poor close. Investors probably blamed weakness coming out of today’s U.S. manufacturing report.
Cannabis stocks ended the first quarter of the year in the red as many companies continue to experience selling pressures and poor liquidity. Several companies posted low quality 10Ks (annual filings) and a few others extended their filings. All told, very disappointing action, or lack thereof, coming out of the cannabis space. Let’s hope most of the activity from bad actors is close to being flushed out at this point—they need to stop making this market a joke.
Daily Positive: Time to celebrate the start of a new quarter. Sometimes we need these demarcations of time to make a real change in our behavior. We thought the New Year would be the time of improvement for this public market. However, we are hopeful that with each quarter, we will see more market maturity and growth.
The First Church of Cannabis was announced in Indiana yesterday. If this news came out today, we might have thought it was an April Fools’ Day joke, but we are glad to know that things like this are happening.
We have referenced the parallels of gay marriage and cannabis legalization in the past with our article on “legalize gay pot.” The movements seem to run in line together. While some cruddy pizza joint was turning away gay customers on this law, another church was formed using the language of the law. This new church is formed on the fundamental belief of “love and compassion.” These are also the core tenets of the medical cannabis movement.
Let the haters hate, but good people find ways to rise up during dark times. Look at the way this has caused business and tech industry leaders like Marc Benioff of Salesforce and Tim Cook of Apple to jump into the political arena. After all, from an investor standpoint, alienating customers and discriminating against entire populations (with deep pockets) is never good for business.