The last year overall for marijuana stocks has not been stellar. It’s definitely a hot market and it’s here to stay. Even though the overall marijuana sector has been underwhelming, there have certainly been a few worthwhile standouts. The opportunity for reward in a legal marijuana market will continue to drive periodic successes and maintain overall interest. The one step back following the two steps forward in the various state and federal legal battles will sustain an ongoing cautionary cloud over the sector. Like the San Andreas Fault being over due for a quake, the marijuana sector is overdue for its next surge of enthusiasm. The Rohrabacher-Farr Amendment might be the trigger that sets the next rock, rattle and roll event loose in the marijuana sector. It’s at least a harbinger of good things to come.
The marijuana industry scored a significant victory on Tuesday last week when the US Department of Justice (DOJ) dropped a four-year-long attempt to shut down Harborside Health Center in Oakland, California, the largest dispensary in the United States. Attorneys for Harborside fended off the shutdown, by invoking the Rohrabacher-Farr Amendment which prevents the government from spending federal dollars to shut down dispensaries compliant with state laws.
Other dispensaries can take lessons learned from Harborside and use the same weapons. Such a victory is a major milestone and certainly an event that could trigger the next Marijuana sector run. The Harborside victory could at least be a first major step toward a trigger, if not the trigger itself. We’re certainly going to keep an eye on two of our favorite marijuana/cannabis sector stocks and the moment – USMJ and PURA. We’ll be keeping an eye on ALYI too in the event the marijuana payment system rumors are true.
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