Weed Day: High Times, High Profits
During the Nixon Era, when I was a long-haired teenager, the date April 20 was considered a “stoner’s holiday.” On that day every year, the local parks and beaches were redolent of marijuana smoke. Snack bars enjoyed brisk business.
And today? The stoner’s holiday has gone establishment. Titans of industry and powerful politicians eagerly celebrate the annual occasion, further proof that there’s plenty of investment green in the “green rush.”
Marijuana enthusiasts recognize April 20 (called “Four Twenty,” or simply “Weed Day”) as an international holiday for cannabis culture. Starting around 1971 (no one is sure of the exact date or origin), the unofficial holiday evolved over the decades from a counter-cultural act of rebellion to a cannabis version of the Fourth of July.
Even the coronavirus couldn’t stop 420. Despite the deadly pandemic, the marijuana industry’s users, entrepreneurs, investors, and activists were intent on celebrating 420 last Monday. But instead of gathering in person, festivities were restricted to virtual events around the world.
In yet another sign that marijuana has migrated into the mainstream, several political and business lobbying groups on Monday took advantage of the 420 holiday to press for issues of importance to the cannabis industry. The following tweet is indicative:
U.S. Senator Cory Booker (D-NJ) recently reintroduced legislation to legalize marijuana nationwide and expunge federal convictions for possession or use of the drug.
Elon Musk, CEO and founder of electric carmaker Tesla (NSDQ: TSLA), is an avowed marijuana user who joins in the 420 festivities every year.
Last December, when Tesla’s stock rose above $420, Musk tweeted the following 420-related joke:
The swoon in late 2019 of marijuana stocks scared many investors away from the marijuana sector, but now’s the time to scoop up pot stock bargains.
Indeed, many beaten-down cannabis stocks have risen in recent weeks, as the coronavirus pandemic fuels “pot hoarding” among quarantined consumers. As a wide swath of the economy remains shuttered, many state and local governments have deemed marijuana companies “essential” and consequently allowed them to stay open for business.
Below, I’ll steer you toward specific marijuana investment opportunities. First, let’s review the past week in weed, on both the federal and state levels.
A bipartisan group of 34 members of Congress is pressing U.S. House leaders to include marijuana businesses in forthcoming coronavirus relief legislation. This group stated in a letter:
“Workers at state-legal cannabis businesses are no different from workers at any other small business—they show up to work every day, perform their duties, and most importantly, work to provide for their families. This lack of access will undoubtedly lead to unnecessary layoffs, reduced hours, pay cuts, and furloughs for the workers of cannabis businesses who need support the most.”
U.S. Reps. Joe Kennedy (D-MA) and Joyce Beatty (D-OH) are asking congressional leaders to terminate a federal policy that makes business owners with previous criminal convictions, including marijuana possession, ineligible for coronavirus relief funds.
Sen. Elizabeth Warren (D-MA) tweeted: “MA veterans legally use cannabis for pain, PTSD, & other ailments. As coronavirus worsens many health problems, the VA should let its providers recommend medical marijuana to patients during this pandemic.”
Alaska regulators approved emergency regulations allowing curbside marijuana pickup and loosening transportation restrictions during the coronavirus pandemic.
Florida’s agriculture commissioner tweeted: “Hemp permits will soon be issued in Florida. This will give the state an economic boost, and provide our farmers with more ability to diversify during this challenging global climate.”
Massachusetts regulators are working to educate the public on safe marijuana home cultivation practices. They also sent a letter to the state’s congressional delegation asking them to work to include cannabis businesses in upcoming coronavirus relief legislation.
A Michigan judge invalidated 15 marijuana business licenses after determining that regulators violated open meeting laws by considering proposals in secret, closed-door sessions.
New Mexico regulators are continuing to require medical cannabis producers to pay gross receipts taxes while the state Supreme Court reviews a lower court ruling saying that the businesses are exempt.
North Carolina Democratic agriculture commissioner candidate Jenna Wadsworth tweeted: “I’ve been in support of cannabis legalization from the start of this campaign… Cannabis legalization could have large economic benefits for farmers, as well as rural communities. It could revitalize travel & tourism in those places, stimulate growth, hasten technological developments & widespread broadband access, & more.”
Ohio regulators ruled that because the U.S. Drug Enforcement Administration federally descheduled cannabidiol (CBD) drug Epidiolex, it is also no longer a controlled substance under state law.
Washington, D.C. activists pushing for the decriminalization of psilocybin mushrooms and other psychedelics are challenging a regulation that prevents people from signing ballot petitions circulated by themselves.
Official federal policy states that psychedelic fungi have no medicinal properties and are prone to abuse. Accordingly, it’s illegal to cultivate or possess psilocybin producing mushrooms for either personal consumption or distribution. However, an increasing number of jurisdictions are loosening restrictions on “magic mushrooms,” with Denver, Colorado leading the way.
With so much volatility in the broader stock market these days, how can you pinpoint stable equities in the pot sector? That’s where the experts at Investing Daily can help.
We’ve put together a presentation that pinpoints the highest-quality value plays in cannabis. These pot companies are largely immune to the panicky sell-offs triggered by the coronavirus epidemic. But you need to act quickly, before the investment herd discovers these hidden gems and bids up their share prices. Click here for details.
John Persinos is the editor-in-chief of Marijuana Investing Daily. You can reach him at: firstname.lastname@example.org