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We knew Nov. 7 was going to be a historic day for the cannabis sector - we've been saying as much in the lead-up to the midterms.
But as we've also seen, the marijuana industry moves at hyper speed. And the real post-election story was virtually impossible to predict, at least in terms of timing.
By midday Wednesday, the markets had woken up to the fact that voters in one of the most populous states, Michigan, and one of the most conservative states, Utah, had opened the door to legal marijuana in some form or another, and stocks spent a couple of hours gaining in value.
But then... it happened.
The No. 1 opponent of legal cannabis in the United States lost every ounce of his power to hold back the fastest-growing industry on the planet. Investors need to know just how important this is to the growth of cannabis as a business in the United States.
This is huge...
About the Author
Greg Miller started working on Wall Street in September, 1987, just a month before the “Black Monday” stock market crash.
During his career there, he became an expert in just about every kind of publicly traded security - from blue-chip and small-cap stocks to municipals, junk bonds, and derivatives. As a portfolio manager, Greg was responsible for over $500 million of assets in mutual funds and insurance company accounts.
After leaving the Street, he designed a successful options trading strategy and made lucrative tech investments for a financial publication. He has also helped develop new products and worked with other editors to hone their strategies. He’s always been dedicated to deep, fundamental research - and he always will be - because he believes buying the very best companies at the right price is the best way to amass wealth in the stock market.
Don't rave about the AG dismissal. Consider who will replace him? That is important.