As investors seek alpha plays outside of the S&P500 and DOW30, I expect that the pot stocks will heat up again. IIPR is a great one, especially since they're a REIT and have to deliver profits to shareholders in the form of dividends, but also because its one of the few pot stocks to make it on to a major market index: the Russell 2000. This is definitely a contrarian play, and I don't like to make too many of those, but I don't think I'm standing in front of a train on this particular one.
Technicals are weaker here on this one. I'm long, but it's got me nervous and watching. I'm definitely making a contrarian play here, so you may want to wait a few more days to see if my theory plays out, but I expect that their earnings hit (no surprise up or down, very rare!) is going to be a catalyst for investors seeking high growth alpha stocks beyond the traditional growth options. Other pot stocks are doing terrible after earnings calls, but I suspect that this last one is going to be the catalyst for IIPR to start climbing back up that chart again.
Trade closed manually
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I let it go. It's down, but not by much, but I'm not comfortable trying to speculate on high growth, high risk industries right now with the current market conditions.