03Nov12:46 pmEST

Dude, Where's My Ballot Initiative?

Courtesy of Vox.com:

Five states — Arizona, Mississippi, Montana, New Jersey, and South Dakota — have proposed legalizing marijuana. Marijuana is currently legal in 11 states and the District of Columbia, and it has been decriminalized in all of the above states except South Dakota. Polls indicate the measures in all five states are likely to pass.

Oregon, which has already legalized marijuana, is going a step further — an initiative is on the ballot in that state that would decriminalize all drugs. The measure would redirect the savings from law enforcement and incarceration costs to setting up a drug addiction treatment and recovery program, as Vox’s German Lopez explained.

Interestingly, GWPH, the UK-based pharma with cannabis exposure, is up 20% after earnings.

As for other pot plays, NBEV (the beverage angle of pot) is surging nicely so far today. GRWG and SMG, the pot-grower names, are flattish and overall solid charts, while DTEA is higher as a super speculative tea company. 

The more ubiquitous pot plays, ACB CGG CRON TLRY, are in a bit of a holding pattern, near-term, but have a coiled look to them and should be watched closely for quick movement. 

Another play one of our Members astutely noted, TCNNF, as a very strong base and is also pausing so far today. 

Thus, even though the sector is not screaming higher on this election day, it is indeed a group we want to have on the radar for some post-election setups, with MJ being the sector ETF for pot stocks. 

Remnants of a Post-Halloween... Divided We Stand

 
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