How To Play The Cannabis Bull Market
concept, cannabis leaf made of dollars on wooden background
A year ago, the cannabis industry was struggling with the challenge of the vaping crisis, which effectively shut down access to capital for most companies in the sector. As we entered the year, I was optimistic about a few things, including the launch of adult-use cannabis in Illinois, which I discussed here and an “underappreciated catalyst” that wasn’t receiving much attention. Then, the pandemic hit, which appeared to be a much greater threat than the vaping crisis. By May, though, it was clear that we were in a bull market, and I shared three reasons in this space in July to be bullish looking ahead, including the booming demand for cannabis, more states legalizing and potential federal regulatory reform.
Here we are in October, and, while the market has rallied sharply from its lows in March, we remain down substantially year-to-date per the New Cannabis Ventures Global Cannabis Stock Index:
Global Cannabis Stock Index – 1year
The exact trajectory of the market likely depends upon how events unfold over the next few months, but I continue to believe that we are in a sustainable bull market, especially for American stocks. It’s not possible to give an exact playbook at this time, but I wanted to share some ideas about how to go about investing in cannabis stocks in the months ahead.
Stay on Top of Sub-Sectors
Several months ago, I suggested that cannabis stocks were no longer trading in unison and discussed 10 Sub-Sectors that I employ when I am looking at the sector. This year has seen some stark differences. For example, many American cannabis operators are up year-to-date, while almost all Canadian licensed producers are down. Within Canada, the retailers have substantially outperformed the LPs. I find
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