Tag: SNDL

How Did the Meme Stocks Do Last Year? Here’s How

by Fred Fuld III

About a week ago, I heard an analyst on CNBC being interviewed about meme stocks, although he didn’t pronounce it “meeem”, he pronounced it “me-me”. Do you think it was accidental, through ignorance, or on purpose with a hidden meaning?

Whatever you call them, the meme stocks have had a wild ride last year. Surprisingly, a few of them performed extremely well, but many ended up dropping over 40% for the year.

Interestingly, the top performers were GameStock, I mean GameStop (GME) (did I type it that way accidentally or on purpose?), up 688%, and AMC Entertainment (AMC), which rose by 1183%.

The memes that tanked the most were Clovis (CLOV) down 78% and ContextLogic Inc. (WISH), which dropped by 83%.

The following is a list of the meme stocks and semi-meme stocks along with the January 1 to December 31 performance for the year 2021.

GME 688%
AMC 1183%
CLOV -78%
CRON -43%
DASH 4%
FVRR -42%
HOOD -49%
IQ -74%
OTLY -61%
WE -27%
WISH -83%
BB 41%
SNDL 22%
BYND -48%
SLV -12%

Maybe we will see some meme action again this year. What do you think?

 

Disclosure: Author owns SLV and HOOD.

Cannabis Legalized in Five More States, Marijuana Stocks Take Off

by Fred Fuld III

In case you missed some of the propositions in the latest election, five more states have just followed the lead of Colorado, California, and many other states. The legalization of cannabis propositions have all passed. The five states are as follows:

South Dakota – Approved the medicinal use and recreational use of marijuana.

Mississippi – Approved the medical use of marijuana.

Montana – Approved the recreational use of marijuana.

Arizona – Approved the recreational use of marijuana.

New Jersey – Approved the recreational use of marijuana.

So what has this done for the cannabis stocks? It took investors a few days to process (and a few days for most of the votes to come in), but most of the marijuana stocks skyrocketed on Friday.

Here are just a few that got high:

  • Aurora Cannabis (ACB) +56.1%
  • Akerna (KERN)  +32.6%
  • HEXO (HEXO) +23.5%
  • Tilray, Inc. (TLRY) +23.2%
  • Green Organic Dutchman Holdings (TGODF) +20.8%
  • WeedMD Inc. (WDDMF) +19.8%
  • Flower One Holdings Inc. (FLOOF) +18.9%
  • Cronos Group Inc. (CRON) +16.2%
  • Sundial Growers Inc. (SNDL) +13.6%

It will be interesting to see which ones maintain their strength. Some may get higher and higher, others may go up in smoke.

Disclosure: Author didn’t own any of the above at the time the article was written.

 

 

Top Cannabis Tax Selling Stocks for a January Bounce

by Fred Fuld III

Many of the cannabis related stocks have been burned during the last year, which makes them possible tax sale opportunities.

A tax selling stock is a stock that is currently selling for a low price due to heavy year-end selling for tax purposes, but was trading at much higher levels earlier in the year.

As the year-end approaches, many investors employ the technique called tax harvesting , which is the selling of loser stocks to offset any gains that may have been established during the year.

With all the heavy selling, the price of the stocks that have had big drops tends to drop far more than what would normally take place during the rest of the year.

So traders and investors are on the lookout for stocks that are heavily hit, hoping for a significant bounce in January, once the tax selling is over.

So if you are looking for these types of stocks, here is a selection of some marijuana stocks that have dropped by over 15% year-to-date, with five of then sinking by more than 50%.

Stock Symbol YTD Return
Aphria APHA -17%
Aurora Cannabis ACB -28%
Cannabis Sativa CBDS -78%
Canopy Growth CGC -28%
Cronos CRON -25%
Hexo HEXO -38%
Mentor Capital MNTR -60%
Sundial Growers SNDL -55%
Terrra Tech TRTC -59%
Tilray TLRY -69%

Hopefully some of these stocks will get high in January.

Disclosure: Author owns CBDS, CGC, MNTR, and has a long option position in ACB.