Cannabis Corner: A Classic Green Gold Rush

Hilary Kramer

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

You’ll notice a lot of people stop talking about cannabis stocks when the bulls are in control. Tragedies are easier stories to tell than comedies.

And right now, the cannabis bulls are clearly more interested in laughter than tears. My proprietary industry basket is up another 2% this week while the broad market drags.

Once again, the giants are leading the way and smaller, more obscure companies follow in their footsteps. Aurora Cannabis Inc. (NASDAQ:ACB) is up 7%. Canopy Growth Corp (NASDAQ:CGC) and Tilray Inc. (NASDAQ:TLRY) are up 5%.

What’s exciting is the way their charts have shaped up. This isn’t just an oversold bounce or the shorts covering their positions. 

This is a real bull run that can sustain itself for an extended period. Good news spreads. Traders see what their rivals are making on these stocks and crowd in for a taste.

Right now, the key stocks are not even remotely overbought. They’re hot, but not too hot.

Let’s enjoy it while it lasts. And if you’ve been looking for an entry on these stocks, there’s now a note of urgency. If you blink, you might miss your chance to build a position at this level.

After all, my cannabis index is already up 51% so far this year. You’ve already missed out on these stocks at January prices. Late to the party is better than never arriving at all, right?

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