RE:Anyone know ehat the large uptick was from?All the major US Cannabis names had big gains on Friday with a major uptick at 2:30pm as you observed with Trulieve. I really think this movement is driven by the 2020 US election. The election is only 114 days away and as long as Biden is leading the polls, there will be a wave of optimism and hype behind the biggest MSOs.
On Wednesday night, the Biden-Sanders Unity Task Force released recommendations that clarified Biden's position on MJ. While some activists were dissapointed that it stopped short of full-legalization, it included re-scheduling, legalization of medical, and not interfering with state recreational laws. Full legalization would be a sh*t show, a gradual transition from medical to full legalization is what we want as investors. If you like TRUL, then you should value organic growth that produces profit, positive net cash flow and maintains a balance sheet with minimal goodwill and debt.
I was actually surprised that there wasn't much reaction on Thursday. In fact, I think most MSOs traded sideways or down. However, there was a politico article published on Wednesday night that some people were circulating online as 'bearish' news (see below). If you read the recommendations and the article though, it is not bearish for investors, just dissapointing for more progressive voters that wanted full legalization and more criminal justice reform.
https://www.politico.com/news/2020/07/08/biden-legal-marijuana-police-protections-353585 As a result, I think it took the market a day to fully digest the news. I see parallels to 2015 when Trudeau included legalization in his platform and started to emerge as the front runner. Regardless of the outcome, I strongly believe these stocks (TRUL, GTII, CURA, CL, LHS) are were you want to be leading into the election. DYODD.