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Cannabis Stocks are in the Headlines - Feburary 11, 2021
Today is really cold and dingy. Early morning the phone rang. The school has been just canceled. The warming southern cities are experiencing the coldest days in the past 12 months. There may be snowy moments, which could be a joy for kids who have barely seen snow in years.
The stock market is all green from the morning. Mostly the news is about Trump's impeachment, covid vaccines reports, cannabis stocks picks, cryptocurrency regulation possibilities, etc.
I noticed a boiling movement of retail investors trying to get rich overnight by betting on one stock, such as AUVI. There must be some people who achieved their jackpot goal two days ago when it was pumped up to 6 folds after the announcement of its combining with another company that already had a great market share in disinfection industry. However, I believe most people who were late on the bandwagon are regretting their involvement. After Gamestop and AMC sagas, Reddit groups are targeting several different meme stocks, this could be one of them, also what I've read is that the spiking in pot stocks in the past few days is engineered by social media.
Still, in the time that more states are open to considering legalize marijuana, one article recommended SMG for pick and shovel play. It is 239ish right now, the average rating is good enough to consider this stock. From the chart, it has been on a tear from 83 low in March 2020 to the current 239, its p/e ratio is still within a normal range.
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