I own HMMJ as 30% of my portfolio - my biggest single holding. It is a Canadian Cannabis Index ETF holding roughly 37 cannabis companies.
It was grow-grow-grow , and then share prices plunged in 2018 when it was announced that adult-use legalization would need a rubber stamp from Canada's Unelected Senate.
The Senate voted Thursday. It was not even close and legalization is proceeding. There was an immediate sharp uptick in the Canadian Cannabis Index on Friday. Bullish/Cautious Investor sentiment was greatly eased by the vote. Looking ahead there is a final Senate vote on June 7-2018 (which will also be a win for the cannabis industry and investors).
After the June vote cannabis equity prices will skyrocket as never before as Institutional Investors pile in. They are currently holding back due to DD concerns prior to the final June 7 Approval of legalization. But I expect overall equity growth in this sector leading up to the final June vote. Smart money is buying the dip.
Now - one question for you Abraham. What exactly is the "triangle", and what does it mean for HMMJ going forward? I just started investing in September -2017
I meant BEARISH/Cautious Investor sentiment was greatly eased .
AbrahamZ
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@kayakhigh,Usually this is a continuity pattern that explodes through a process of accumulation, this means that the price should rise, however, you never know with the stock market. So far everything indicates that it is possible to go up, but it is preferable to wait for a solid break and a strong volume.Note the difference in volumes since the last rebound, this means that the bear market is losing interest, this may be good news, however it is preferable to have patience and wait.
kayakhigh
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@AbrahamZ, Thanks a lot for the sharp insight !!! I will be watching the volumes closely.
Thanks for that !
I own HMMJ as 30% of my portfolio - my biggest single holding. It is a Canadian Cannabis Index ETF holding roughly 37 cannabis companies.
It was grow-grow-grow , and then share prices plunged in 2018 when it was announced that adult-use legalization would need a rubber stamp from Canada's Unelected Senate.
The Senate voted Thursday. It was not even close and legalization is proceeding. There was an immediate sharp uptick in the Canadian Cannabis Index on Friday. Bullish/Cautious Investor sentiment was greatly eased by the vote. Looking ahead there is a final Senate vote on June 7-2018 (which will also be a win for the cannabis industry and investors).
After the June vote cannabis equity prices will skyrocket as never before as Institutional Investors pile in. They are currently holding back due to DD concerns prior to the final June 7 Approval of legalization. But I expect overall equity growth in this sector leading up to the final June vote. Smart money is buying the dip.
Now - one question for you Abraham. What exactly is the "triangle", and what does it mean for HMMJ going forward? I just started investing in September -2017
Peace from New Westminster, BC.
Norm