Cannabis Cash Weekly Update: Cannabis Action Driven By Overall Market

Cannabis stocks were able to rebound overall last week after several weeks of selling.

Weekly Issue Mar 15, 2021 Hi Savio, Cannabis stocks were able to rebound overall last week after several weeks of selling. While the sector was hit with other perceived “risky” assets in February, most stocks held important support levels and now look set up to begin a new rally higher. Looking at our current holding, I like that the AdvisorShares Pure US Cannabis ETF (MSOS) held its January low on the recent pullback. This suggests that buyers were plentiful when the ETF dipped to an attractive level, creating a very important floor for the sector. The broader cannabis ETF, the ETFMG Alternative Harvest ETF (MJ), ended its pullback and had an even better week. This ETF is more concentrated on Canadian cannabis stocks, so to see both the U.S. and Canada turn around at the same time is a great long-term sign for the sector. The action in cannabis stocks could be a bit tricky over the next couple of weeks, as I expect it will be driven as much by the overall market as the sector itself. If stocks in general can continue their recent rally, strength should flow down to the cannabis sector. If the opposite happens, then the weakness will be felt by most stocks. I’ll be watching closely. And no matter what happens in the short term, the long-term outlook for U.S.- based cannabis stocks remains very strong. Until next time, Matt McCall Editor, Cannabis Cash Weekly Mar 15, 2021 07:55:45.913 CUSTOMER SERVICE You can reach us via the following e-mail address: Feedback@InvestorPlace.com or by calling us at 1-800-219-8592. Copyright © 2021 InvestorPlace Media LLC 1125 N. Charles St, Baltimore, MD 21201 All rights reserved. No portion of the above message may be republished, retransmitted or forwarded without express written consent from InvestorPlace Media LLC. Violation of this copyright may result in service cancellation and/or collection of full or partial subscription charges from unauthorized users. Use and/or reliance on this service is strictly at the subscriber’s own risk. InvestorPlace Media LLC will not be liable for the acts or omissions of any third party with regards to delay or non-delivery of Inner Circle. InvestorPlace Media LLC shall not be liable for incidental, indirect, special or consequential damages or for lost profits, savings or revenues of any kind. Thank you for subscribing to InvestorPlace.com. Please note that we cannot be liable for any missed bulletins caused by overzealous spam filters. To ensure that you continue to receive this valuable part of your service please take a moment to add (customerservice@exct.investorplace.com) to your address book.