Cannabis Corner: Bounce or Boom?

Hilary Kramer

Hilary Kramer is an investment analyst and portfolio manager with 30 years of experience on Wall Street.

People are talking about a recession forcing more states to accelerate their cannabis legalization efforts. I don’t really see it happening yet, but it’s nice to see the stocks rebounding now.

My guess is that these stocks were simply oversold, and the short sellers are covering their positions. Whether that’s an illusion or a sign of real recovery remains to be seen.

We’ll play the recovery when it comes. As for the illusion, we can afford to remain patient before making any big move in this space.

After all, a stock like Tilray Inc. (NASDAQ:TLRY) can surge 140% from the depths like it did this week. But even with that bounce, it’s still down a harrowing 87% over the past 12 months.

When shareholders have accumulated that much pain, even the routine bounces can look astounding. We can say that about the market as a whole these days. Keep your powder dry and your eyes open.

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This week has been welcome relief for investors who are still struggling to digest a month in which 97% of the stocks in the S&P 500 are down and the market as a whole has dropped 25% from its peak. The aggregate numbers are daunting. Every sector has at least suffered a 10% correction, and several remain deep in bear market territory. But we don’t invest in “the stock market” as a whole because we know how easily a few truly weak spots can mask strength elsewhere. For us, focusi

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