Bucking the trend of the past few months, The North American Marijuana Index reported a gain of three percent for April, with all of the turnaround coming from U.S. pot stocks following the announcement of former House Speaker John Boehner’s appointment to the Board of Acreage Holdings. In fact, The United States Marijuana Index gained 25 percent in the four days following the announcement, pulling back to record a 19 percent increase overall for the month. Conversely, The Canadian Marijuana Index lost nine percent in April.
Meanwhile, Wall Street gained on Wednesday on the backs of retail and technology stocks, with the small-cap Russell 2000 hitting a new record. However, North Korea’s recent decision to pull out of talks with the South and subsequent threats to do the same with the U.S. has investors concerned United States-China trade negotiations on the horizon.
"I think corporate earnings have been remarkably strong," said David Carter, chief investment officer at Lenox Wealth Advisors in an interview with Reuters. "The concern is really more about the future and decelerating growth."
"The general consensus seems to be we'll come to some sort of trade agreement. But it may be choppy until we get there," he continued, in reference to China.
The Dow Jones Industrial Average rose 62.52 points, or 0.25 percent, to close out the day at 24,768.93, while the S&P 500 gained 11.01 points, or 0.41 percent, to end the day at 2,722.46. Similarly, the Nasdaq Composite added 46.67 points, or 0.63 percent, to close out the day at 7,398.30.
In an odd move by Namaste Technologies (CVE:N) the company is asking (begging?) shareholders to take a 90-day pledge to either hold or increase their position. Between May 14 and May 18, shareholders can sign the pledge, which grants them access to a special “party” being held by the company should they follow through with the said pledge. Founders Sean Dollinger and Kory Zelickson have agreed to hold their shares for the same period of time.
“Anyone who sticks with their pledge until the end will be invited to a party thrown by Namaste at an undisclosed location. All you’ll have to do is get there, Namaste will be taking care of the rest. See you there,” reads the online form, which, so far, has 11 pages worth of participants. Adding to the bizarre nature of the move, insider Sefi Dollinger went and sold 20,000 shares on day one of the pledge.
The company’s reasons for doing this are still unclear, as is the legality of such a pledge.
Sunniva Inc.(CNSX:SNN) a medical cannabis company, is building an advanced greenhouse in Cathedral City, California. “Sunniva Campus represents a substantial step forward for the cultivation, production, and distribution of cannabis products to meet the needs of patients in California,” said Dr. Anthony Holler, CEO, in a statement late last year. Watch below as Sunniva gives an update on the project: