Medical Marijuana Update
$DIA, $SPY, $QQQ, $POTN
Commentary: Last Friday, a Justice Department Task Force on Crime Reduction and Public Safety, led by Attorney General Jeff Sessions released its report policy reformers and industry insiders worry that the report will link marijuana to violent crime, laying the basis for a crackdown on marijuana users and purveyors. I have just read it, it is puzeling. PE
Last week, Medical Marijuana for Vets hit headwinds in the US House, a federal medical marijuana research bill is introduced, a bid to expand medical marijuana in Texas gets stymied, and more.
Last Monday, a federal bill to facilitate medical marijuana research was filed. A bipartisan group of representatives led by marijuana reformer Rep. Earl Blumenauer (D-OR) and anti-legalization Rep. Andy Harris (R-MD) has filed House Resolution 3391, the Medical Marijuana Research Act of 2017. The bill would remove barriers inhibiting medical marijuana research.
Last Tuesday, the House Rules committee blocked an effort to let VA docs recommend medical marijuana. A proposed amendment to the Veterans Administration appropriations bill to allow VA doctors to recommend medical marijuana has been bottled up in the House Rules Committee. The same amendment actually passed the House last year, but committee Chair Rep. Pete Sessions (R-TX) refused to even allow a vote on it. The Senate version of the amendment is still alive, though, and if the Senate approves it again this year, it could still make it into the final appropriations bill.
Last Wednesday, a bid to expand medical marijuana was defeated. An effort to expand medical marijuana in the state was stopped by the House State Affairs Committee Wednesday. Rep. David Knoll (R) had tried to add an amendment to a special session bill authorizing the Texas Medical Board and other agencies, but the amendment never got enough support to come up for a vote.
US Virgin Islands
Last Monday, a bill to legalize medical marijuana was reintroduced. Territorial Sen. Positive Nelson has refiled his Virgin Islands Medical Cannabis Patient Care Act. A similar bill died in committee last year, and Nelson wants to avoid a similar fate this year. “I’m requesting that this measure be heard by the committee of the whole, and not the Health Committee, whose chair has exhibited an obvious bias against cannabis legalization in any form,” Nelson said.
For extensive information about the medical marijuana debate, presented in a neutral format, visit MedicalMarijuana.ProCon.org
By Philip Smith
Paul Ebeling, Editor
Permission to Reprint: This article is licensed under a modified Creative Commons Attribution license.
Looking for the easiest way to join the anti-drug war movement? You’ve found it!
On the Marijuana Stocks front.
Overall, investors have been treated to huge stock returns since the S&P 500 bottomed 9 March 2009.
All 3 of the major US major stock indexes have more than 3X’d in value, with the NAS Comp approaching a near 4X in value from its Y 2009 lows.
FLASH: Marijuana stocks have outperformed the indexes
Nevertheless, the 8yr+ mainboard stocks’ returns comparison with what marijuana stocks have been able to post in the past year.
Over the trailing-12-month period through 15 July the average marijuana stock with a market cap in excess of $200-M, there are 12, was up by 332%.
Notably the broad-based S&P 500 is up 13.5% over the same frame, whereas marijuana stocks have averaged anywhere up to 23X’s better return than the S&P 500.
Saturday, I spoke with Bruce Barren a highly recognized and experienced corporate executive, with deep understanding and relations in the sector.
Mr. Barren believes that, “…because of the uncertainties in legislative direction in Washington, D.C. but with the determination of “something must be done” by The Trump Administration, marijuana stocks are not where one wants to invest. Further less than 50% of the States have approved the sale of marijuana, and where the approval is limited, it has been done mostly for medical purposes.
“Hemp based stocks, commonly referred to as CBD, is where the profits are to be made. These companies can sell their products, especially those with a non-restrictive medical benefit, especially that are arthritic pain relief in substance like Potnetwork’s (OTCMKT: POTN), in all 50 states and most countries around the world without restrictions. This is where savvy Wall Street participants in the sector are currently focused.”
|OTCMKT:POTN||0.059||31 July 2017||-0.00||0.062||0.065||0.0583||3,038,589|
|HeffX-LTN Analysis for POTN:||Overall||Short||Intermediate||Long|
|Neutral (0.05)||Neutral (-0.07)||Neutral (0.04)||Neutral (0.18)|