RE:IMCC for now has become a playground
Disagree. There have been two occasions now since the $2.80 low where an obvious stair step has been made on heavy volume l. After each abrupt jump there is a consolidation. The overshoots are algos bidding up 100 shares. Yesterdays action had CIBC buy $1 million on the open market. Its a playground as far as risking falling off the jungle jim when you time it wrong. Way too thin to even try and swing 1000 share block without having the order sit idle and get chipped away. Germany has made the move, Israel is close, and the US federal law will change once enough states adopt it for themselves. Just like gay marriage the populism of cannabis legalization in each state will become unpalatable and political suicide to ignore. Couple that with the need for tax revenue and open calls to defund police, forgive small drug crimes etc will see action on this soon enough. Trading sideways on thin volume I expect this to drift sideways tomorrow and early next week. Only outlier is that IMC still has $170 million of the $200 million prospectus they filed. Cash burn has been reasonable so any further raise will hopefully be spent on a wise acquisition rather than day to day operational costs.