Marijuana Stocks Off From High; Watch This Technical IndicatorPosted by On


By George Leong, B.Comm. Published : March 29, 2021

Watch This Technical Indicator for OpportunitiesPot Stocks in Holding Pattern After Reddit Spike

Momentum toward marijuana stocks resurfaced with a vengeance after Joe Biden won the presidential election and offered a pathway toward the legalization of recreational pot nationwide.

While we haven’t heard about the possibility of federal marijuana legalization yet, the House Democrats have already passed the Marijuana Opportunity Reinvestment and Expungement Act (MORE Act), which would decriminalize cannabis.

And while the MORE Act could face pushbacks in the Senate, I’m encouraged by the trend of more states legalizing medical and recreational marijuana.

In my view, it’s just a matter of time before cannabis becomes a mainstay of everyday life in the U.S. without the threat of incarceration.

Recall that, in October 2018, Canada became the first major Western country to legalize recreational pot. The growth of the legal cannabis industry in Canada has been slow, but much of that has had to do with the higher cost of legal pot versus black-market pot.

My view is that, as legal cannabis producers become more cost-effective and lower their production costs, retail prices will go down.

Marijuana Stock Investors Adopt Wait-&-See Approach

Pot stocks spiked with staggering technical strength to 52-week highs on February 10 when the ETFMG Alternative Harvest ETF (NYSE:MJ) traded at $34.58.

That spike was driven by momentum traders from…

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By George Leong, B.Comm. Published : March 29, 2021

Watch This Technical Indicator for OpportunitiesPot Stocks in Holding Pattern After Reddit Spike

Momentum toward marijuana stocks resurfaced with a vengeance after Joe Biden won the presidential election and offered a pathway toward the legalization of recreational pot nationwide.

While we haven’t heard about the possibility of federal marijuana legalization yet, the House Democrats have already passed the Marijuana Opportunity Reinvestment and Expungement Act (MORE Act), which would decriminalize cannabis.

And while the MORE Act could face pushbacks in the Senate, I’m encouraged by the trend of more states legalizing medical and recreational marijuana.

In my view, it’s just a matter of time before cannabis becomes a mainstay of everyday life in the U.S. without the threat of incarceration.

Recall that, in October 2018, Canada became the first major Western country to legalize recreational pot. The growth of the legal cannabis industry in Canada has been slow, but much of that has had to do with the higher cost of legal pot versus black-market pot.

My view is that, as legal cannabis producers become more cost-effective and lower their production costs, retail prices will go down.

Marijuana Stock Investors Adopt Wait-&-See Approach

Pot stocks spiked with staggering technical strength to 52-week highs on February 10 when the ETFMG Alternative Harvest ETF (NYSE:MJ) traded at $34.58.

That spike was driven by momentum traders from…



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