Biden got one right. Already CBD products are widely sold in America. It is unjust to punish people for possession crimes. However, the business model for legally selling marijuana has been a failed one in jurisdictions where it is legal. Taxation and regulation ratchet up cost of sales above those offered by bootleggers. A case in point is that of Canadian producers whose stock prices have languished, many of whom having been driven out of business.
As a long time stock market investor, I still have few Canadian marijuana stocks in my portfolio which are good companies hamstrung by problems in financing and achieving profit. The two I still have in my portfolio are CBWTF and INSHF. CBWTF Auxly is an especially nice company with a remarkable number of products that operates one of the world’s largest indoor growth facilities. Owned partially by Imperial Brands, one of the world’s largest tobacco companies, Auxly should prosper but hasn’t to date. Selling at .04 a share, it is one of my favorite daytrading stocks. INSHF Inner Spirit is now in a buy out, and I will make a small profit when it is subsumed by Sundial Growers which took a huge leap up today. Inner Spirit is a chain of cannabis stores that has aggressively spread throughout the Canadian Provinces. Auxly owns a piece of INSHF, and Sundial is a hot speculative stock at this point despite it huge historical fall in grace. I could not at this juncture recommend jumping into the stock heavily, but my strategy has always been to buy at new highs companies that exhibit momentum. Companies displaying momentum are beloved by Chartists because such stocks ordinarily attain new highs many times during a momentum cycle.
I once vowed not to give financial advice on this board since playing the stock market for quick gains often leads to a disappointing end. I once was editor of a stock market newsletter where faulty recommendations come back at you painfully. Looking back, I suggest buying what has been my lifetime’s best investment–real estate. However, entering the rental market creates a true marriage between you and your properties.
Oddly, I agree with Warden on this issue. Biden is right for once.