Yesterday, weed stocks were generally green. The day before too. This brought about a load of folks on social media talking about how ‘cannabis is back!’ and ‘the bear market is over!’
The cannabis bubble is not yet bursting, but the likelihood that it will go by the time you read this is high. The markets are wobbling hard for a multitude of reasons, but the cannabis sector is reeling because the bellwether cannabis stock, Canopy Growth Corp (WEED.T) is in freefall.
Their share price has never reflected it, but boy howdy do GTEC Holdings (GTEC.C) manage to nail milestones.
On August 19, 2019 GTEC Holdings (GTEC.C) announced that its 100% owned Tumbleweed Farms has been granted a “Standard Cultivation, Processing and Medical Sales Licences, pursuant to the Cannabis Act and Regulations by Health Canada.”
It’s like clockwork, every damn Friday afternoon. I think I’m getting out early to enjoy the weekend, anticipating the chance to get shittered on negronis, only for Health Canada to drop one of their usual Friday afternoon updates on their list of cannabis licenses.
As Canopy Growth Corp (WEED.T) retools in the wake of CEO Bruce Linton’s firing earlier this month, buzz on Cannabis Street was that there’d be assets flipped to help get the weedzilla back to its core business.