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Marijuana

Planet 13 Holdings | PLNH | Long at $0.39The marijuana sector has taken a beating over the last few years, yet certain companies may provide value and dominate the space in the future. Enter Planet 13 Holdings $OTC:PLNH. This OTC play warrants extreme caution, though. It's either going to zero or could produce massive returns. My personal logic is not to bet the farm with any OTC play, but maybe an old goat ... and potentially buy the farm in the future. From a technical analysis perspective, my selected historical simple moving average (SMA) line is approaching the current price of $0.39. Frequently, as this SMA line and price get closer to each other, there is a pop in the price. Fundamentally, financial growth is anticipated. Financial highlights from the Q3 2024 report state that the company's revenue was $32.2 million as compared to $24.8 million, an increase of 29.7%. The increase in sales was driven by the addition of Florida as well as strong sales in Illinois. Gross profit was $16.7 million or 51.9% as compared to $11.1 million or 44.7%. Free cash flow: $108,807 million. Operationally, OTC:PLNH looks pretty good on paper. Marijuana legalization in the US is only going to expand. It's inevitable given the changing sentiment around the topic. If OTC:PLNH can do well in this space and is able to continue to grow, this ticker could get very interest. Thus, at $0.39, OTC:PLNH is in a personal buy zone. Target #1: $0.55 Target #2: $0.75 Target #3: $1.00 Target #4: $5.75 (very long-term outlook if legalization spreads...)
OTC:PLNHLong
by WorthlessViews
GrowGeneration | GRWG | Long at $1.90GrowGeneration NASDAQ:GRWG is approaching one of my favorite technical analysis setups as it gets closer to my selected historical simple moving average (SMA: the white and teal lines). Often, but not always (i.e. public offering news...), the price will jump to the selected historical SMA after a long period of consolidation - which has been occurring for some time. Additionally, the President, CEO, and Director of NASDAQ:GRWG have been buying shares recently near $2 which is a bullish indicator. There are currently only 54.8 million floating shares and an 8%+ short interest, so this could get interesting if the election cycle whips up new interest/chatter about national decriminalization of marijuana. As a result, GrowGeneration is in a personal buy zone at $1.90. Target #1 = $2.20 Target #2 = $2.50 Target #3 = $3.00 Target #4 = $3.50
NASDAQ:GRWGLong
by WorthlessViews
WM Technology | MAPS | Long at $1.00WM Technology NASDAQ:MAPS provides ecommerce and compliance software solutions to retailers and brands in cannabis market in the United States and internationally. After it's de-SPAC in 2020, it soared to $29.50 and now can be found for around $1.00. It's been consolidating at these lows for almost two years, and it may be gaining algorithmic traction for a move soon based on my selected simple moving average (SMA). Often (but not always), when this SMA gets close to the price, there is a pop to the historical SMA. Currently, it is in a personal buy zone at $1.00. Target #1 = $1.50 Target #2 = $2.00
NASDAQ:MAPSLong
by WorthlessViews
OGI - a MJ penny stock upgraded LONGOGI got an upgrade from hold to buy and with it a target of 5.25 or more than double current valuation. The ballot iniative in Florida and legalization in Gremany are recent news. VP Harris seeks to make legalization an lection issue this fall while pushing for a DEA reboot on the whole cleassification of MJ. Prospects for growth seem more clear for OGI . I will take a long trade here with the National MJ Day upcoming this weekend. I will target the horizontal levels of recent pivots as drawn in black on the 60 minute chart.
NASDAQ:OGILong
by AwesomeAvani
OGI Swing Trades Continue More Volatlity from Fed News SHORTOGI has completed another trend up from the federal news about a push for legalization of marijuana as a handout from incumbents seeking another term. My recent idea on OGI as to demonstrate its suitability for high return short duration swing trades to add compounding into the profit and returns. The increased volatility due to the federal news only adds to the overall picture. I will short OGI here looking for price to fall to the area of the mean VWAP where I will reverse my position and begin to take a long position in increments at optimal entries.
NASDAQ:OGIShort
by AwesomeAvani
MJ ETF (cannabis) - Potential Double Bottom Pattern - MonthlyMJ ETF (cannabis) has potentially double-bottomed over the past 6 months (october 2023 to march 2024). Either a possible tradable bounce, or a long-term rally could occur over time as more countries partially legalize cannabis and marijuana. Long-term resistance price targets would be: $6, $9, $14, $18. Support price targets below would be $3, $2.50, $2, $1. Cannabis companies and stocks are highly sensitive to Government Laws & Regulation changes, Fundamental Catalysts, and Corporate Earnings.
AMEX:MJ
by NoFomoCharts
SMG Gap UpScotts Miracle Grow is up +7% and trading above $70 after a gap up this morning - trade was initiated last week on the falling wedge breakout. Gaps tend to get filled so I've adapted to the price action and moved my stop-loss order up to just below today's candle at $68.45. No way to lose money on the trade now if price reverses, upside target remains near $80. Lower PPO and TDI indicators are still reading bullish and increasing in their bullish trends. Buy Price: $64.34 Stop-Loss: $68.45 Take-Profit: $80-ish Gain on trade if I get stopped out at $68.45: +6.3% Gain on trade if price reaches the take-profit level near $80: +24%
NYSE:SMGLong
by PrepForProfit
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SMG Falling Wedge BreakoutThe largest player in cannabis without having the risk/exposure to the schedule 1 plants and cutthroat competition in the sector, SMG, has broken out of a falling wedge pattern with lower PPO and TDI indicators that are close to turning bullish. All eyes/ears are on the Senate as a vote on Safe Banking for the cannabis sector is expected this month. businessofcannabis.com If approved this would clear a major hurdle for the cannabis industry for both long-term growth and the path toward federal legalization. Currently long with an entry price of of $64.34, a stop-loss at $60 and a take profit at $80. Stop-loss and take profit levels will remain adaptive to price movement.
NYSE:SMGLong
by PrepForProfit
Columbia Care Inc CCHWF Chart AnalysisCCHWF looks like it might be coming out of its' shell by having to potential cycle correction that leads not only into an impulse, but doing so with the help of a newly formed Head and Shoulders . If CCHWF can muster up some more volume on the bid side, the volume profile shows a gap up from $2 - $2.48 with the added potential to kiss $2.63. If that happens, I would assume most investors would notice the Head and Shoulders by this time and pile on making this a real impulse wave. If true, this might be the first time the cannabis sectors sees a ticker finally break free from the malicious short attacks. If false, expect this to be stunted by a quick "ABC" pullback of original cycle and will sell more with the hope $1.67ish comes in to help provide support for a retest, or if not, will see if the previous low of $1.23 will help out again for support on the way down. Last chart analysis (July) , I marked one more tiny impulse that showed $1.17 being our bottom, off by .05 -- Posted below.
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by happytree614
Cannabis / MJ Stocks Reversal NotedToday a bunch of cannabis stocks showed up on my screener with some good price action and high relative volume. I set up a composite chart using some of the more heavily traded stocks but no OTCs as well as a couple of the ETFs and the REIT IIPR which manages and leases indoor cultivation farms. While I found the composite price had been drifting downward over preceding months, it bottomed on August 1 and has rose 30% since then. Fundamentally this is a growth industry with or without an impending recession. The volume indicator shows rapidly rising volume in the past two weeks, a good support for price action I conclude the cannabis stocks may be candidates for swing trades presently and into upcoming weeks.
NASDAQ:CGCLong
by AwesomeAvani
Columbia Care Inc. CCHWF - Chart Analysis and Price PredictionColumbia Care Inc (CCHWF) looks to want to settle the impulse correction and close out the cycle, but will it? While the rest of the cannabis sector looks to pivot near the 8/08 - 8/15 date, Columbia Care appears to be in a great position to not allow it to NOT sink too low. I still would expect to see a price drop another 23%, but will try and hold it above $1.10. I would hate to assume, but suspect this is a legislation play/bull-trap and will provide some correction, but likely take another turn at going south. Keep an eye out for spikes in volume that may indicate that there might be more to the storyline... Volume has been on a major decline as more and more investors have just stopped buying cannabis stocks altogether and only leaving MM, APs and HF shorts alike playing with themselves and those playing options may find a surprise if the correction is made. MSOS would have +5 days to cover, potentially squeezing MSOS to start the creation wheel. I set an alert at $1.17 to start watching a little more closer as we prepare for another significant pivot.
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by happytree614
Verano Holdings Corp. (VRNOF) Chart Analysis July 2022After near perfect prior Verano Holdings Corp. chart analysis, from deep (6 months in the making) price prediction and wave theory, I return to update the VRNOF cannabis chart forecast. What appeared to be an early to mid August bull run still looks like it could play out, but this marijuana stock ticker (likely others) will want to sell more, leaving me to suspect that there's (again) no legalization that makes it through and will likely retest in November (could be all smoke and mirrors too, as a knife could happen on the monthly and correct soon than expected). Upon the downturn, theses levels are my price targets: $4.87 - $4.54 - $4.26 = PT $4.17-$3.87 = Possible Cycle Floor $3.26 - $3.17 = If Aug. bull run fails (look to retest correction in Nov.)
OTC:VRNOF
by happytree614
Terrascend Corp. - $TRSSF Chart Analysis (Continued) TAKE A HIT OR LET IT SIT? While hitting my weekly, and daily targets, like most cannabis tickers, TRSSF oversold on May 4th, 5th and 6th. This overselling now pushes this weight down more than expected. (Last chart analysis <4/18/22> : image below) Very hard oversold after 3rd - 4th alternative correction. This will force 5th wave lower than last expected. Expect some small pivots north on a semi-cycle correction during the 2nd half of May, but back to the southside afterwards. Possible $1.53 / Jan. '23
T
by happytree614
Glass House Brands Inc - $GLASF Chart AnalysisSPARK IT UP OR LET IT SIT? Glass House Brands for the most part, has sustained relatively higher stock price action compared to their competition buds. Is this a paranoia high? What appears to be just warping up a hyper extension of a triple combo, this cannabis ticker is putting up a good fight with sellers, but shorts seem to have been made victorious as the 3rd wave is rolling downward, maybe catching some investors in another bull trap around $4.10 - $3.85 before selling down towards $2.85 for a cycle correction, tapping in the 4/5 wave. Not going to lie, this one was one of the trickiest charts in the cannabis sector. I won't apply any of my tinfoil theories, but this one definitely acts different. I will be watching this ticker on all pivots to see if this analysis is right. Disclaimer: This is my 3rd chart attempt mapping out the interest points and although each contain slightly different price plots, the wave action is similar too, but this one I favor most, but could wrong.
OTC:GLASF
by happytree614
Acreage Holdings Inc. $ACRHF Chart Analysis | May 30, 2022Acreage Holding (ACRHF) is currently selling through a huge running-flat that ended 1st week of May, we should see a little more selling while ending on a 5th wave south on a mini-cycle. Price target around .87 cents will start the semi-correction leading into more selling towards .68 cents which in likeliness will catch around .57 cents. Afterwards, another small correction is due which will likely see a pivot north towards .88 cents (depending on volume increase) and will sell south on final primary-cycle's 5th wave which might see a floor around .49 to .44 cents before primary-cycle correction, which looks to be prepping around 1st and 2nd week of Aug. 2022
A
by happytree614
Jushi Holdings Inc. ($JUSHF) Chart AnalysisTake a Hit or Let it Sit? On the weekly chart, Jushi Holdings Inc. (since the recent correction) as been taking some dirty bong rips as the price continues to sell down +45% from prior Feb. highs. The correction failing to new highs leads me to believe Jushi will follow suit and sell off to previous volume support. If we take the high and low of the correction and place under the breaking point where the correction ends and the pivot downwards starts, it coincidently displays possible 5th wave ending right on the support zone of the last time volume was traded in that price range. Notedly, the resistance (now support) of last price range shows possible $1.75 before catching the full weight of this sell of. With a slight chance of a big swing with next correction, I wouldn't hit this joint and might not for a while. I will set alerts for $2.20 to start watching again to see if a possible reversal of trend/impulses can be benefited from at that point.
OTC:JUSHF
by happytree614
Green Thumb Industries Inc - $GTBIF Chart Analysis (Continued)TAKE A HIT OR LET IT SIT? Like most of the cannabis sector, the last couple days of the first week of May oversold than I expected, while hitting all my price targets, it happened faster than expected. Last Chart Analysis (March 26th, 2022): This will change my overall look and move the primary cycle 4th and 5th wave (as presented in new chart) The MACD quickly corrected what was a peak of divergence and now shows a hard sell continuation. I would expect to see a 3-4 correction here, any price around $10.60 = $10.32 with a chance of going north towards $13.52 for possible PT via correction peak. Expect hard selling early Nov (if not a little before then) and to continue to sell until April of next year ('23), making $6.02 - $5.60 a possible floor. I would assume chaos if it goes under $5.60
OTC:GTBIF
by happytree614
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