Opinions
Larry Berman CFA, CMT, CTA
ETFMG Alternative Harvest ETF
MJ-N
RISKY
Jun 17, 2024
$3.500
Stock price when the opinion was issued
E.T.F.'s
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BUY
Thise ETF got hammered 3% as the big Canadian producers held in this got killed today (Aurora, Canopy, Tilra). Aphria, though, held on, because they just announced a US acquisition. It's against the law to publicly list American pot stocks, so this ETF holds only Canadian ones, and American companies can list only in Canada. He feels that legalization makes good politics. In last night's vote, some states voted to legalize cannabis, and he expects more states to follow suit in the future.
E.T.F.'s
DON'T BUY
Down over 9% this week, even with today's cannabis comeback He has been long in cannabis. It's been a tough week. Most of this ETF is invested in Canadian stocks. Canopy this week just announced it would issue more shares, which will highly dilute shares. Canopy has been eroding capital quickly. A lot of consolidation needs to happen. The top 3-4 Canadian players are losing market share. Look to U.S. names, instead, where valuations are interesting. Names like Curaleaf are trading at low May 2020 valuations.
E.T.F.'s
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Will take change in government legislation for this stock to move up. Is a risky way to invest. Would recommend as a small portion of portfolio.