The North American Marijuana Index gained modestly on Monday, even as a continuing slew of industry gimmicks and shortsighted deals brought the pot stock sector closer to what some analysts now dub “the great marijuana bubble.” On the heels of last week’s now infamous “Namaste pledge,” where cannabis stock company Namaste Technologies (CVE:N) not so tactfully begged shareholders not to sell in return for tickets to an exclusive party, Leafbuyer Technologies (OTCQB:LBUY) disclosed their own promotional scheme. The company admitted in a statement that OTC Markets had inquired about their stock promotions following a deal with MIDAM Ventures, who owns MarijuanaStocks.com.
Leafbuyer, whose most recent filings show sales of only $287,000 on losses nearing $1 million paid MIDAM almost $475,000 to promote their stock from February to August of this year. While the company, for their part, claims the deal is square, the price tag alone should be enough to give pot stock investors pause.
The North American Marijuana Index gained 4.62 points, or 1.78 percent to close out the day at 263.49, with The United States Marijuana Index gaining 2.48 percent and The Canadian Marijuana Index rising 3.27 percent.
Meanwhile, the end of President Trump’s manufactured trade war with China sent Wall Street rising on Monday, which, combined with gains in the industrial sector sent the Dow to a two month high at closing. U.S. Treasury Secretary Steven Mnuchin commented this weekend that the two countries would put the issue on hold for now while each side came back to the table for more talks.
"The big news over the weekend was that a trade war was averted, and so we had an adjustment, covering bets that there would be negative news coming out of the discussion," said Bucky Hellwig, senior vice president at BB&T Wealth Management in an interview with Reuters. "We're seeing companies that do more of their business on an international basis do well."
The Dow Jones Industrial Average rose 298.2 points, or 1.21 percent, to close out the day at 25,013.29, while the S&P 500 gained 20.04 points, or 0.74 percent, to end the day at 2,733.01. Similarly, the Nasdaq Composite rose 39.70 points, or 0.54 percent, to close the day at 7,394.04.
The Horizons Marijuana Life Sciences Index ETF (HMMJ.TO) rose CAD$0.85 per share, or 4.99 percent to end the day at CAD$17.88, while the Evolve Marijuana ETF (SEED.TO) gained CAD$0.67 per share, or 4.02 percent, to close out the day at CAD$17.33.
Oregon Looks To Hemp
While some analysts worry about near-term cannabis shortages post-legalization, learned industry experts look to examples such as Oregon and note how oversupply is quickly becoming an issue for a sector with such a low barrier to entry. As marijuana prices continue to drop out west, causing dispensary closures and job losses, some farmers have turned to hemp in hopes of reversing their fortunes. According to the Associated Press,applications for hemp-growing licensure in Oregon have gone up nearly twenty-fold since 2015.
Source: Cannabis Benchmarks www.cannabisbenchmarks.com
Right now Oregon has such an oversupply of marijuana that retailers and farmers have taken to destroying their product. "Now we're starting to look at drastic means, like destroying product. At some point, there's no more storage for it," Trey Willison told the Associated Press. Willison is one of many who has turned to hemp in hopes of recouping their losses. "Whoever would have thought we'd get to the point of destroying pounds of marijuana?"
One huge difference for farmers is that marijuana cannot cross state lines, which means whatever is grown in Oregon, stays in Oregon. Hemp, on the other hand, can be a national product —international, even.
"The (marijuana) market is stuck within the borders of Oregon — it's locked within the state," Willison said. "But hemp is an international commodity now." According to a report by the Oregon Office of Economic Analysis, the retail price for a gram of weed has fallen from $14 to $7 since 2015.
Quick Hits
EVIO Inc. (OTCQB:EVIO) leased a 2,700 square foot facility in Los Angeles for testing services in Southern California’s cannabis market... Marapharm Ventures Inc. (CSE:MDM) (OTCQX:MRPHF) closed an oversubscribedfinancing for $4.5 million… Alliance One International, Inc. (NYSE:AOI) is expanding its Canadian Prince Edward Island-based indirect subsidiary, Canada's Island Garden.
An Artistic Interpretation Of The Endocannabinoid System
From artist Mark Rau comes an artistic interpretation of the endocannabinoid system network in a cell. (Image courtesy of King of Cannabinoids @Dayadog on Twitter)
https://www.thesun.co.uk/news/63146...s-poos-on-shop-floor-then-throws-it-at-staff/
Leafbuyer, whose most recent filings show sales of only $287,000 on losses nearing $1 million paid MIDAM almost $475,000 to promote their stock from February to August of this year. While the company, for their part, claims the deal is square, the price tag alone should be enough to give pot stock investors pause.
The North American Marijuana Index gained 4.62 points, or 1.78 percent to close out the day at 263.49, with The United States Marijuana Index gaining 2.48 percent and The Canadian Marijuana Index rising 3.27 percent.
Meanwhile, the end of President Trump’s manufactured trade war with China sent Wall Street rising on Monday, which, combined with gains in the industrial sector sent the Dow to a two month high at closing. U.S. Treasury Secretary Steven Mnuchin commented this weekend that the two countries would put the issue on hold for now while each side came back to the table for more talks.
"The big news over the weekend was that a trade war was averted, and so we had an adjustment, covering bets that there would be negative news coming out of the discussion," said Bucky Hellwig, senior vice president at BB&T Wealth Management in an interview with Reuters. "We're seeing companies that do more of their business on an international basis do well."
The Dow Jones Industrial Average rose 298.2 points, or 1.21 percent, to close out the day at 25,013.29, while the S&P 500 gained 20.04 points, or 0.74 percent, to end the day at 2,733.01. Similarly, the Nasdaq Composite rose 39.70 points, or 0.54 percent, to close the day at 7,394.04.
The Horizons Marijuana Life Sciences Index ETF (HMMJ.TO) rose CAD$0.85 per share, or 4.99 percent to end the day at CAD$17.88, while the Evolve Marijuana ETF (SEED.TO) gained CAD$0.67 per share, or 4.02 percent, to close out the day at CAD$17.33.
Oregon Looks To Hemp
While some analysts worry about near-term cannabis shortages post-legalization, learned industry experts look to examples such as Oregon and note how oversupply is quickly becoming an issue for a sector with such a low barrier to entry. As marijuana prices continue to drop out west, causing dispensary closures and job losses, some farmers have turned to hemp in hopes of reversing their fortunes. According to the Associated Press,applications for hemp-growing licensure in Oregon have gone up nearly twenty-fold since 2015.
Source: Cannabis Benchmarks www.cannabisbenchmarks.com
Right now Oregon has such an oversupply of marijuana that retailers and farmers have taken to destroying their product. "Now we're starting to look at drastic means, like destroying product. At some point, there's no more storage for it," Trey Willison told the Associated Press. Willison is one of many who has turned to hemp in hopes of recouping their losses. "Whoever would have thought we'd get to the point of destroying pounds of marijuana?"
One huge difference for farmers is that marijuana cannot cross state lines, which means whatever is grown in Oregon, stays in Oregon. Hemp, on the other hand, can be a national product —international, even.
"The (marijuana) market is stuck within the borders of Oregon — it's locked within the state," Willison said. "But hemp is an international commodity now." According to a report by the Oregon Office of Economic Analysis, the retail price for a gram of weed has fallen from $14 to $7 since 2015.
Quick Hits
EVIO Inc. (OTCQB:EVIO) leased a 2,700 square foot facility in Los Angeles for testing services in Southern California’s cannabis market... Marapharm Ventures Inc. (CSE:MDM) (OTCQX:MRPHF) closed an oversubscribedfinancing for $4.5 million… Alliance One International, Inc. (NYSE:AOI) is expanding its Canadian Prince Edward Island-based indirect subsidiary, Canada's Island Garden.
An Artistic Interpretation Of The Endocannabinoid System
From artist Mark Rau comes an artistic interpretation of the endocannabinoid system network in a cell. (Image courtesy of King of Cannabinoids @Dayadog on Twitter)
https://www.thesun.co.uk/news/63146...s-poos-on-shop-floor-then-throws-it-at-staff/
