Today is D-Day in Canada when it comes to their cannabis legalization. It’s the first day that Canada allows, legally, to consume recreational marijuana. As per our Cannabis Stocks in Canada Forecast for 2019 the sector would get a serious boost in 2019, with one favorite cannabis stock we featured in our Emerald Health Therapeutics Stock Forecast for 2019. This very first day, however, was a small disaster for Canadian cannabis stocks. They started to sell-off yesterday, and it continued today. Reason to be concerned or buy the dip opportunity for cannabis in Canada?
The news headlines are full of ‘Canada legalizes cannabis‘ excitement.
This live feed shows the cannabis legalization rush across Canada. It really is fair to say this is a frenziness going on, with even conservative leaders talking and thinking big about what prosperity the cannabis industry may bring to its country, economically.
BBC also looks at the exciting impressions of the first day, and adds to the conversation what the health benefits are that cannabis may bring.
NYTimes even take it from the emotional angle with statements from individuals explaining how proud they are being Canadian with this legalization. They also believe that this is a tipping point for the country, not only economically but also socially and culturally.
Cannabis stocks in Canada
As expected, there is also some discussion on Canadian cannabis stocks. CNN looks at the bullish and bearish picture. In the bearish camp they feature viewpoints from cannabis companies. Needless to say they are uber-bullish. The bullish camp has some investors that believe the sector is overhyped, and compare it with the tech boom in the late 90ies, right before the crash, saying most stocks will go sour at a certain point in time.
At InvestingHaven, we remain focused on value by applying our 1/99 formula. We believe this is a classic buy the dip opportunity based on our guiding investing principles combined with the chart.
