The largest player in cannabis without having the risk/exposure to the schedule 1 plants and cutthroat competition in the sector, SMG, has broken out of a falling wedge pattern with lower PPO and TDI indicators that are close to turning bullish.
All eyes/ears are on the Senate as a vote on Safe Banking for the cannabis sector is expected this month.
If approved this would clear a major hurdle for the cannabis industry for both long-term growth and the path toward federal legalization.
Currently long with an entry price of of $64.34, a stop-loss at $60 and a take profit at $80. Stop-loss and take profit levels will remain adaptive to price movement.