New Jersey: One Step Closer to Legalization
New Jersey Set to Legalize
Well, it looks like New Jersey may end up beating New York to the punch.
We got word this morning that New Jersey Governor Phil Murphy and state lawmakers have resolved their issues, and now a legalization vote is likely to happen in two weeks.
This is a very big deal.
Although the talks to get to this point have taken far too long, the bottom line is that this is finally going to happen. And this is great news for a number of the stocks in our portfolio.
Companies that have exposure to New Jersey include …
- iAnthus Capital (OTCBB: ITHUF)
- Harvest Health & Recreation (OTCBB: HRVSF)
- Curaleaf (OTCBB: CURLF)
- Acreage (OTCBB: ACRGF)
Of course, this still isn’t a done deal yet.
There are still a few holdouts on both sides of the aisle. At the moment, legalization advocates need at least six more votes to get this thing passed. So I suspect there will be a lot of deal-making over the next week or so. That being said, this is the closest New Jersey has come, and momentum is strong.
If this does pass, expect to see those four stocks get a nice bump.
First of all, I want to thank you for your well researched, insightful and thorough commentary on investing in Cannabis stocks. I have been following your advice since late 2017 and have made many purchases of Canadian Cannabis stocks. I want to focus my attention on US stocks now, as per your suggestions. Would you please suggest the top 5 - 8 or so, US Cannabis stocks that you believe have the best potential to grow with the best returns, given risk / reward analysis etc. i look forward to hearing from you.
At this point, I'm looking for two things in US cannabis stocks:
1.) Deep pockets
2.) and / or bargains
In terms of deep pockets, Acreage Holdings (OTCBB: ACRGF), Curaleaf (OTCBB: CURLF), and iAnthus (OTCBB: ITHUF) are all swimming in cash.
In terms of bargains, Liberty Health Sciences (OTCBB: LHSIF), iAnthus (OTCBB: ITHUF), and Halo Labs (OTCBB: AGEEF) are trading below valuations that make sense when compared to peers.
Now some of these stocks have not delivered for us yet. Acreage Holdings and Curaleaf, in particular. But just remember that these are all long-term investments. We plan to stick with these for anywhere from three to five years. In this market, it's the long-term investor that will come out on top. We saw this play out with Canopy Growth Corporation, Aphria, Inc., and OrganiGram – all stocks that delivered gains in excess of 1,000%. And we'll see it again with these. I'm not saying they'll necessarily be 1,000% winners, but I have no doubt that all will deliver triple-digit gains.
Also, I want to let you know that I'll likely have a new pick for you this week. So keep a look out for that.
More to come ...