Cannabis Comeback?
Cannabis stocks are rallying on news that the HHS has recommended the DEA reschedule cannabis to schedule 3. This would significantly improve financials for cannabis companies because it will allow them to begin deducting business expenses from their taxes, which has been a major hurdle for cannabis companies to reach profitability. It would also encourage more lenders to enter the market, lowering interest rates for cannabis companies which have been subjected to some of the highest interest rates in the country.
On top of the news, we have nice bullish momentum divergences and price action which is indicative of a potential bottom forming. Assuming the move towards rescheduling, banking, and eventually full federal legalization continues, it is possible that these are extremely discounted prices for most cannabis stocks long-term.
In the following months, we could see a major retracement of the cannabis bear market and in the longer-term some of these stocks could return to their all-time highs, as cannabis is likely to become a much bigger industry when it is fully federally and eventually globally legalized, and these companies will see significantly improved margins with lower taxes, lower interest rates, and the opening of interstate and international trade.
On top of the news, we have nice bullish momentum divergences and price action which is indicative of a potential bottom forming. Assuming the move towards rescheduling, banking, and eventually full federal legalization continues, it is possible that these are extremely discounted prices for most cannabis stocks long-term.
In the following months, we could see a major retracement of the cannabis bear market and in the longer-term some of these stocks could return to their all-time highs, as cannabis is likely to become a much bigger industry when it is fully federally and eventually globally legalized, and these companies will see significantly improved margins with lower taxes, lower interest rates, and the opening of interstate and international trade.
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