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The marijuana industry presents tremendous opportunities for investors.
Those who are naive think that all they have to do is buy some marijuana stocks. Those who are sophisticated know that just buying some marijuana stocks at current elevated prices and holding them is likely a recipe for losing a lot of money.
Astute investors with experience recognize that while some will make millions by investing in marijuana stocks, most will lose their shirts. This makes sense because of high volatility, stock prices being divorced from fundamentals, pump-and-dump schemes, trading based on sentiment and short-squeezes and occasional frauds.
Chart
Please click here for an annotated chart of marijuana stock Canopy Growth CGC. Please note the following:
• The chart is weekly, not daily. When looking for a longer-term investment and not just a quick trade, it is always better to start with a weekly chart.
• The chart shows the most recent buy signal given by The Arora Report.
• The chart also shows that in the previous cycle, The Arora Report sell signal was given right at the top. Subsequently, Canopy Growth stock lost more than one-third of its value. This is significant because marijuana stocks are very volatile. Even when the intention is to hold for the long term, there are times when it is prudent to take partial profits.
• The chart shows the timing of the $4 billion investment by Constellation Brands STZ in Canopy Growth. Constellation Brands paid a whopping premium of 51.2%. Constellation Brands is best known for its Corona beer.
• The chart shows volume has picked up during this “up” leg. This is positive, as it shows conviction in buying.
• The chart shows that the relative strength index (RSI) is overbought. This means that the stock can easily pull back, and most investors who are not in the stock may consider buying on a pullback. The Arora Report has provided a buy zone to buy the stock on a pullback for those who do not already own it.
Canopy Growth advantages
Canopy Growth has the following advantages over other large marijuana stocks such as Tilray TLRY, Cronos CRON, Aphria APHQF and Aurora ACBFF.
• On a relative basis, Canopy Growth is cash-rich. That means it can capture growth opportunities as well as withstand the ups and downs of the industry. Also, investors like cash-rich companies. A good example of a cash-rich company that investors like is Apple AAPL. Of course, Canopy Growth is very different from Apple….Read more at MarketWatch.
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