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Marijuana Stocks

  • Last Updated:
  • Jan 18th, 2018 10:59 am
Deal Addict
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Jul 11, 2011
1115 posts
588 upvotes
Ontario
New bill would let states legalize weed without fear of the federal government

12 January, 2018
New bill would let states legalize weed without fear of the federal government

On Thursday (Jan 11), members of Congress came to the rescue of recreational marijuana states by introducing a bill to protect them from federal prosecution and allow each state to decide whether they would like to have legal marijuana.

Democrat Representative Barbara Lee of California is the main sponsor of the bill known as resolution HR 4779.
“The federal government should respect the will of the voters in states that have voted to decriminalize cannabis,” The congresswoman said, “It’s time to stop wasting taxpayer money on the failed War on Drugs.”

Under the Controlled Substances Act of 1971, cannabis is still considered illegal nationwide contradicting the laws passed in states that have legalized.

The legislation was introduced by Lee as the REFER Act, and according to the congresswoman, would “prevent the Attorney General and others in the Trump Administration from stifling the budding cannabis industry,” Lee said adding that, “If the federal government chooses to interfere in these state matters, it’s up to Congress to prevent this harmful overreach.”

BarbaraLee New bill would let states legalize weed without fear of the federal government

The bill proposes the same type of restrictions on federal law enforcement which are currently given to medical marijuana states through the Rohrabacher–Blumenauer amendment which blocks the Department of Justice from spending any money on enforcing the federal law in medical marijuana states.

If passed, the REFER Act would prevent the DOJ from spending any money to, “detain, prosecute, sentence, or initiate civil proceedings against an individual, business or property that is involved in the cultivation, distribution, possession, dispensation, or the use of cannabis in accordance with the law or regulation of the state or unit of local government in which the individual is located.”

Where this new bill goes even further than previous legislation is in its protection of banks which have been reluctant to do business with the cannabis industry but have recently begun to open their door to these businesses. The law would prevent the DOJ from going after these banks, “solely because the institution provides financial services,” to cannabis businesses.

1599px Vermont State House Representatives Hall New bill would let states legalize weed without fear of the federal government

Eight states and the District of Columbia have legalized the recreational use of marijuana by a popular vote. Additionally, Vermont and New Hampshire both have legalization on that table and are expected to legalize recreational use early in 2018. Joining them in the fight for legalization, newly elected governor of New Jersey, Phil Murphy, pledged to sign a legalization bill.

On January 4th, just days after California officially legalized and became the world’s largest cannabis market, Attorney General Jeff Sessions rescinded the previous administration’s protections for legal states known as the Cole Memo.

The bill is sponsored by four other members of the House including, Don Young a Republican from Alaska where recreational cannabis is legal. The list of sponsors also includes Rep. Earl Blumenauer, one half of the bipartisan team that put together the most recent version of the Rohrabacher-Blumenauer amendment which has protected medical marijuana states since 2014.
Deal Addict
Mar 22, 2012
1378 posts
125 upvotes
Toronto
chappanteekli wrote:
Jan 12th, 2018 8:43 pm
In case it makes you feel better, -60K here in last three days. :-)
Ouch. I'm still kinda new to this though but didn't panic. Seems like you're a pro at this lol.
Deal Expert
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Apr 21, 2004
42051 posts
10393 upvotes
chappanteekli wrote:
Jan 12th, 2018 8:43 pm
In case it makes you feel better, -60K here in last three days. :-)
I can only start to imagine how much money you already made (hopefully) before this drawdown.
Newbie
Dec 11, 2011
39 posts
9 upvotes
MONTRÉAL
ADRiiAN` wrote:
Jan 12th, 2018 10:48 am
No offense but you don't have as much stress because you have a small stake in it.
Yeah, totally agree! I lost around 60k since Tuesday but overall I made profit. Today was the time for me to exit. I will wait for some consolidation before buying again. Good luck to all.
Member
Sep 9, 2017
242 posts
126 upvotes
Winnipeg
chappanteekli wrote:
Jan 12th, 2018 8:43 pm
In case it makes you feel better, -60K here in last three days. :-)
-25K here. Seeing all that red today was a serious rush. I picked up more HMMJ and MJX. I wasn't sure what next week would bring, but after reading hebsie's news I think we're in for some green.
Newbie
Sep 6, 2014
60 posts
15 upvotes
johanscott wrote:
Jan 12th, 2018 9:12 pm
Ouch. I'm still kinda new to this though but didn't panic. Seems like you're a pro at this lol.
New investor here too but learned quickly that pump and dump doesn't work. I am keeping long. No need to panic especially when market is going down on no-news.

Cheers,
Newbie
Sep 6, 2014
60 posts
15 upvotes
alanbrenton wrote:
Jan 12th, 2018 9:24 pm
I can only start to imagine how much money you already made (hopefully) before this drawdown.
My original investment is still safe and I am still over (not a whole lot though) so I am not too worried. I'd be pissing in my pants though if it starts to affect my original investment, lol.
Newbie
Sep 6, 2014
60 posts
15 upvotes
KellyM133398 wrote:
Jan 12th, 2018 10:12 pm
-25K here. Seeing all that red today was a serious rush. I picked up more HMMJ and MJX. I wasn't sure what next week would bring, but after reading hebsie's news I think we're in for some green.
I can totally relate to you dear. When it's green I can't stop starting at my phone but when it's all red, I hate to even pick my phone. lol. Hopefully, next week, we'll see some green.

Good luck!
Jr. Member
User avatar
Apr 8, 2017
158 posts
55 upvotes
Maple Ridge
So with this dip i'm thinking of putting in a fairly large chunk of money. Reckon it's best to wait a bit to see if more dips are to come?
Can you spare some cutter, me brother?
Jr. Member
Nov 25, 2009
107 posts
20 upvotes
Vancouver
OutsideYourWorld wrote:
Jan 13th, 2018 12:28 am
So with this dip i'm thinking of putting in a fairly large chunk of money. Reckon it's best to wait a bit to see if more dips are to come?
I made a bit of money with mj stocks in the past few months (a lot actually) and cashed out at highs. My advice is never catch a falling knife. It takes a longer time to rise, but bubbles pop super fast. Just wait till it starts climbing again and pray it's not a bull trap Face With Tears Of Joy.
Deal Expert
Feb 11, 2009
15772 posts
1840 upvotes
Toronto
pensavan wrote:
Jan 12th, 2018 9:44 pm
Yeah, totally agree! I lost around 60k since Tuesday but overall I made profit. Today was the time for me to exit. I will wait for some consolidation before buying again. Good luck to all.
If It makes you feel better, I sold all my WEED at $26 2 weeks ago...so.......I'm still at a loss compared to that day Face With Tears Of Joy
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Jr. Member
User avatar
Apr 8, 2017
158 posts
55 upvotes
Maple Ridge
I've been hanging onto WEED since $8. Is it really going to be dropping a lot more, you guys think? :/
Can you spare some cutter, me brother?
Deal Expert
User avatar
Sep 19, 2004
20584 posts
3221 upvotes
Waterloo
I like this quote from Globe on WEED/MJ's valuation (nuts)
But in both sectors, valuations have become difficult to justify.

As recently as Wednesday, Canopy Growth Corp. had a market cap of $8-billion, making it more valuable than both Air Canada and RioCan, Canada's largest real-estate investment trust. Over the last 12 months, Canopy's adjusted revenue amounted to $58-million, compared to Air Canada's $15.9-billion.

As for blockchain stocks, simply adding the word to a company's name has proven sufficient to tap into investor exuberance. In December, U.S. beverage maker Long Island Iced Tea changed its focus and renamed itself Long Blockchain Corp., bringing about an initial spike in its shares of 300 per cent.
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Member
Dec 31, 2015
234 posts
10 upvotes
Vancouver, BC
The valuations are seriously insane. I get that future earnings are priced in etc. but this is just stupid lol and I'm someone that invested in MJ stocks early and believes in the industry. I sold all my stocks at the end of October when WEED was around $17 thinking that was the peak. Feels pretty bad knowing I could have sold at $40+ this week.
Deal Addict
Jun 23, 2006
1438 posts
36 upvotes
Toronto
chappanteekli wrote:
Jan 12th, 2018 11:09 pm
I can totally relate to you dear. When it's green I can't stop starting at my phone but when it's all red, I hate to even pick my phone. lol. Hopefully, next week, we'll see some green.

Good luck!
I’m with you on this.. I watched Cronos (MJN) drop from nearly $14 to $9ish... decided to buy in about 4000 stocks at about $9.60 thinking it was a steal..

Now down to $9 :(

Still think they are a solid company with Ontario greenhouse.. Germany and Israel deals...

Just a matter of time before we recover back up to the $13-14 range IMO

What you guys think?

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