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If You Think AMC, Sundial, and Zomedica Are Cheap, I Have Bad News

Sean Williams, The Motley Fool
·5 min read
If You Think AMC, Sundial, and Zomedica Are Cheap, I Have Bad News
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Beginning in mid-January, retail investors on Reddit's WallStreetBets chatroom began banding together to buy shares and call options in stocks with very high levels of short interest. The goal of this strategy was to effect a short squeeze -- i.e., an event where short-sellers (pessimists) flee for the exit all at once, which can cause a rising share price to skyrocket higher. Quite a few of the stocks targeted by the Reddit community moved higher, with video game and accessories retailer GameStop representing the face of the retail movement.

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  • The Week In Cannabis: New Mexico, Switzerland, Federal Legalization, Aphria, Organigram And More

    In spite of some good news on the legalization front, cannabis stocks traded down this week, largely driven by lackluster earnings reports out of big Canadian companies. On Monday, New Mexico became the latest state to legalize adult-use cannabis, after Gov. Michelle Lujan Grisham signed the Cannabis Regulation Act. Sales are expected to begin before April 2022. Following a legalization wave led by New York and Virginia, this approval puts more than 43% of Americans living in legal cannabis jurisdictions, according to The Marijuana Policy Project. Switzerland will officially launch a trial version of a legal recreational cannabis market on May 15. The Swiss Federal Office of Public Health noted that the trial aims to offer “a scientific basis for the future regulation of cannabis.” This will make Switzerland the first country in Europe to allow a legal adult-use cannabis supply chain. The trial will include 5,000 registered participants, who have proven to the Federal Government they already have been consuming cannabis. Senate Majority Leader Chuck Schumer (D-NY) plans to present a federal cannabis legalization bill soon. “I am going to put this bill on the floor soon. It hasn’t been introduced yet,” Schumer said, explaining he has been working with Senator Cory Booker (D-NJ) and Senate Finance Committee Chairman Ron Wyden (D-OR) on the measure’s draft. “Once it is introduced, it will go on the floor.” Benzinga Cannabis’ content is now available in Spanish on El Planteo. Dara Khosrowshahi, CEO of Uber Technologies Inc. (NYSE: UBER) revealed the company is open to including cannabis deliveries once the plant is legal on the federal level. "When the road is clear for cannabis, when federal laws come into play, we're absolutely going to take a look at it," Khosrowshahi said during a CNBC interview. ETFs were all down. Over the five trading days of this week: The ETFMG Alternative Harvest ETF (NYSE: MJ): lost 5.6%. The AdvisorShares Pure Cannabis ETF (NYSE: YOLO): tumbled 6.6%. The AdvisorShares Pure US Cannabis ETF (NYSE: MSOS): dropped 5.55%. The Cannabis ETF (NYSE: THCX): slipped 9.5%. The Amplify Seymour Cannabis ETF (NYSE: CNBS): dropped 7.7%. The SPDR S&P 500 ETF Trust (NYSE: SPY) was up 1.31%. Policy, Science And Data Illinois cannabis taxes exceeded liquor taxes in the first three months of 2021, according to the state Department of Revenue. It’s the first time the Prairie State generated more tax revenue from cannabis than alcohol. Marijuana tax revenue amounted to $86,537,000 in the last quarter, versus $72,281,000 from alcohol sales. Michigan recreational and medical marijuana sales amounted to $115.4 million in March, according to Headset. That's twofold growth compared to the same period last year. A bipartisan bill to legalize medical cannabis for military veterans was reintroduced in Congress on Thursday. A new study conducted by Harvard Medical School and McLean Hospital in Boston suggested cannabis treatment can significantly help with chronic pain. The study revealed that those who used medical cannabis daily for six months experienced notable advancements in their overall health status: less pain and anxiety, better sleep and mood. Akerna Corp (NASDAQ: KERN) expects national cannabis retail sales to reach $95 million on 4/20, the unofficial marijuana holiday. That's according to a new Flash Report out of the Denver-based company. The report suggests that the five days ending April 20 are expected to yield $370 million in cannabis sales. "The numbers just keep growing in all aspects of the cannabis industry. This week, New Mexico became the 18th state to legalize adult-use cannabis. In addition to that, we got data from Akerna that suggested this 420 holiday could see $370 in total gross sales. Consumers are expected to begin making purchases on Friday and dispensaries are gearing up for their biggest weekend of the year," Debra Boarchardt, CEO of Green Market Report, told Benzinga. Earnings Reports Aphria Inc. (TSX: APHA) (NASDAQ: APHA) posted financial results for the third quarter and nine months ended Feb. 28. The company generated CA$153.6 million ($122.5 million) in net third-quarter revenue. That's a year-over-year increase of 6.4% and a sequential decline of 4.3%. Net cannabis revenue amounted to CA$51.7 million, dropping by 7.8% year-over-year and 23.8% sequentially. View more earnings on MJ Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) reported that gross revenue decreased by 29% year-over-year to roughly CA$19.3 million ($15.4 million) in the second quarter of fiscal 2021. Net revenue also declined over the same period, from CA$23.2 million to CA$14.6 million, the Moncton, New Brunswick-based company said in a statement. The second-quarter results were "challenged by industry dynamics, COVID-19 and staffing limitations at our facility," CEO Greg Engel said in a statement. urban-gro Inc (NASDAQ: UGRO) posted preliminary first quarter 2021 results. Revenue rose by 174% year-over-year to a record $11.8 million to $12.1 million, up from $4.3 million reported in the same quarter last year. Find all the details on these and other earnings reports on Benzinga Cannabis’ Earnings Center. Financings And M&A Aphria confirmed Thursday it has satisfied one of the requirements for its merger with Tilray Inc. (NASDAQ: TLRY) after its shareholders approved the arrangement at a special meeting. The special resolution approving the arrangement had to be endorsed by a minimum of two-thirds (66.6%) of the votes cast at the meeting. The merger got a 99.38% approval rate. The closing of the deal still awaits customary conditions, such as court authorization and the approval of Tilray stockholders. Cresco Labs (CSE: CL) (OTCQX: CRLBF) has taken over Bluma Wellness Inc. (CSE: BWEL) (OTCQX: BMWLF) in an all-stock transaction valued at $213 million. Connected International Inc., also known as Connected Cannabis, completed a $30 million capital raise led by current investors Navy Capital and One Tower Group, who welcomed new investors, such as Emerald Park Capital, an affiliate of Bryant Park Capital, and Presidio View Capital. Jushi Holdings Inc. (CSE: JUSH) (OTC: JUSHF) acquired a 93,000 sq. ft. facility, operated by its subsidiary, Dalitso LLC, for around $22 million. Leune announced a $5-million capital raise Thursday supported by celebrity investors like professional basketball player Carmelo Anthony, his wife and TV personality La La Anthony and sports agent Rich Paul, who's known for representing LeBron James and Anthony Davis. Good Hemp, Inc. (OTC: GHMP) bought Diamond Creek Group, a manufacturer of ionized high alkaline spring water, for an undisclosed price. The Cornelius, North Carolina-headquartered producer of hemp seed oil-infused beverages said the move is part of a strategic plan to broaden its consumer reach. Zip Run confirmed Friday it has raised $2.3 million via a seed funding round led by Mollitiam Capital, a private equity fund launched by Ross Bevevino and Tyson Macdonald. Other News Truss Beverage Co., a joint venture between brewer Molson Coors Beverage Co. (NYSE: TAP) and HEXO Corp. (NYSE: HEXO)(TSX: HEXO), is launching a lineup of six new CBD and THC products. The Mint Dispensary will mark 4/20 with a name change to Mint Cannabis. “As we continue to increase access to high-quality cannabis, it’s fitting that our name changes to better reflect our vision for the future,” Eivan Shahara, CEO of Brightroot Inc., parent company of Mint Cannabis, told Benzinga. Keef Brands is expanding eastward into three new states: Missouri, Ohio and Maine. Topical BioMedics announced an exclusive partnership and pharmacy distribution deal with Aspen, CO born Toast, a national cannabis and hemp company, making its line of topical, homeopathic pain relief creams available in more than 40,000 locations nationwide. High Herstory, a new historical comedy series at the intersection of cannabis and feminism, is premiering on 4/20 to over 150 million homes through Social Club TV. Each episode showcases a female-identifying, cannabis-consuming storyteller, taking the audience along an action-packed journey through time. Annette Mia Flores, co-founder of High Herstory, told Benzinga, "We are so proud to bring High Herstory to homes throughout the world. We're putting a comedic edge on the painful underrepresentation women have faced throughout history, while smashing cannabis stigma at the same time. High Herstory Season 2 will spotlight women within the cannabis industry, from activists, to brands, scientists, and beyond. This is herstory in the making." Columbia Care Inc. (NEO:CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE:3LP) is launching a solid-fill cannabis powder capsule for medicinal use under the Ceed trademark in the United Kingdom. The New York-based company opted to expand its product offering with the first solid-fill capsule of its kind in the U.K. In addition, it's the first dose-metered medicinal cannabis product to be produced in the country. 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Todo sobre los Picadores de Marihuana La Historieta Argentina y la Marihuana Los Mil Monstruos de Mariana Enríquez Cepas de Marihuana: Wedding Cake ¿Qué es el Peyote? Todo sobre el Cactus de la Mescalina Básicos del Cannabis: ¿Qué Es el THC? Básicos del Cannabis: ¿Qué Es un Cogollo? Lead image by Ilona Szentivanyi. Copyright: Benzinga. See more from BenzingaClick here for options trades from BenzingaThe Week In Cannabis: Glass House, Canopy, Curaleaf, Trulieve, Virginia And More© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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  • Coinbase Hangover Rattles Crypto Assets With Bitcoin in Freefall

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  • Dogecoin Is the Poster Child for an Epic Financial Bubble

    Dogecoin (DOGE-USD) has had an incredible week, rallying dramatically to touch a high of 40 cents before retreating slightly. DOGE-USD is currently trading around 34 cents, truly astonishing when you remember that back in early January 2021 its value was about one cent. Source: Orpheus FX / Shutterstock.com Naturally, your first thought will be “what a great rally,” followed swiftly by “what a missed investment opportunity!” But Dogecoin isn’t an investment opportunity at all. It’s the poster child for an epic financial bubble. Even worse, this coin isn’t even a financial asset to me, though it is a digital currency. Dogecoin isn’t just a joke, but a very nasty one, and things could soon end very badly for those invested in DOGE-USD.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Cryptocurrencies: Where Is Their Value? The main factors that give any cryptocurrency its value are: Coin utility; Scarcity; Perceived project value; Transportability; Durability; and Ability to serve as a store of value and unit of exchange. The main question to answer now is whether Dogecoin has any of these mentioned factors to have any value 10 Stocks at the Heart of Good Retirement Portfolios The answer is it only has transportability. One person can send it to another through the internet. But this isn’t enough to have any value at all. It has no utility at all. It does not have any scarcity as there is no limit on the mining of Dogecoin. And the perceived value of the project is based on its ” fun factor,” which does not a solid investment make. Dogecoin: Fun Is A Reason to Speculate, Not Invest The official Dogecoin webpage bears the following statement: “THE FUN AND FRIENDLY INTERNET CURRENCY. Dogecoin sets itself apart from other digital currencies with an amazing, vibrant community made up of friendly folks just like you.” Then there’s a video that claims it is a revolutionary digital currency. DOGE is now accepted at online retailers to buy groceries or gifts. And online creators can make cash by receiving Dogecoin from their fans, instead of likes that add no monetary value. Social Media Use and Social Media Trolls The Dogecoin community is an active one and in the past, it has funded Olympic Athletes and contributed to charities. The “troll currency” Dogecoin, which started with memes and sending Jamaica to the Winter Olympics, has recently reached the top 10 cryptocurrencies by market capitalization. And the internet has gone wild ever since. But should you invest in this digital currency? One of the founders of Dogecoin, Billy Markus, has himself told the Wall Street Journal that he created the asset entirely “for fun.” Online fundraising for charities, donations and other causes has value, but that doesn’t make Dogecoin a valuable investment at all. The currency was based on open-source Litecoin (CCC:LTC-USD) and unlike Bitcoin (CCC:BTC-USD), has no limit on the number of “coins” that can be produced in the system. So while Bitcoin is designed to be deflationary, Doge does not follow the same logic, as this wasn’t a concern for its creators. Why Dogecoin Is Moving Wildly Occasionally Lately, Elon Musk has also taken a stand on meme coin via his Twitter (NYSE:TWTR) posts. As in the case of GameStop (NYSE:GME), Reddit has also done its bit to skyrocket the value of the “Shiba currency,” with cryptocurrency communities setting their sights on taking it to 10 cents. They have since eclipsed that goal. But is the Dogecoin frenzy a reason to invest? Of course, the impetus was again provided by Musk on April 10, when he described the token as “…going to the moon very soon.” In February he described Dogecoin as the “people’s cryptocurrency”, and the rest is history. With each of Musk’s tweets, after all, Doge was going up 20%. The idea of investing in Dogecoin is too risky for any sophisticated investor. And this insanity is reinforced by what people are searching on Google (NASDAQ:GOOG). Two of the most popular questions: Will Dogecoin reach $1? Will Dogecoin make me rich? Dogecoin Verdict If you think investing should be fun and aren’t worried about potential returns, then you may consider Dogecoin an interesting, speculative game. But the word to focus on is game. Dogecoin has no intrinsic value, its price is very easily manipulated and being another “meme” investment, it is subject to great volatility. I do not know if DOGE-USD will ever reach $1. But the truth is, I don’t care and it doesn’t matter. Who wants to invest in an asset without any fundamentals t0 support it? Dogecoin is the definition of an epic bubble, so it is completely off my list. No second thoughts about it. On the date of publication, Stavros Georgiadis, CFA, did not have (either directly or indirectly) any positions in the securities mentioned in this article. Stavros Georgiadis is a CFA charter holder, an Equity Research Analyst, and an Economist. He focuses on U.S. stocks and has his own stock market blog at thestockmarketontheinternet.com. He has written in the past various articles for other publications and can be reached on Twitter and on LinkedIn. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG It doesn’t matter if you have $500 in savings or $5 million. Do this now. Top Stock Picker Reveals His Next Potential 500% Winner Stock Prodigy Who Found NIO at $2… Says Buy THIS Now The post Dogecoin Is the Poster Child for an Epic Financial Bubble appeared first on InvestorPlace.

  • Stocks End Week at Records on Economic Optimism: Markets Wrap

    (Bloomberg) -- U.S. stocks ended the week at all-time highs as Chinese growth data added to signs of a global economic recovery. The dollar slipped.The S&P 500 Index capped its fourth straight weekly advance as the strong data from Asia joined a raft of robust readings in the world’s largest economy to boost sentiment. Chinese stocks outperformed in Asia after a report showed the nation’s economy soared in the first quarter. The Stoxx Europe 600 Index posted a seventh week of advances, its longest streak since May 2018.The data from Beijing added to Thursday’s string of positive economic figures out of the U.S., pushing the MSCI All-Country World Index to a fresh record. Treasuries extended their gains. Morgan Stanley became the latest American bank to post record first-quarter results.Along with healthy corporate earnings, the week’s dump of data gave fresh impetus to the reflation trade. In the U.S., retail sales and weekly jobless claims data signaled an accelerating recovery in the world’s biggest economy. Investors will look for further confirmation as the reporting season picks up pace next week, with about 80 S&P 500 members and more than 50 Stoxx 600 firms announcing.“In addition to earnings, there has been plenty of impressive data to digest indicating that the U.S. economy is firing up,” Fiona Cincotta, senior financial markets analyst at City Index, said. “With a strong vaccine rollout in addition to fiscal stimulus and loose monetary policy, the recovery is picking up pace. Despite the blowout data, U.S. treasury yields are heading lower suggesting investors have bought into the Fed’s low rates for longer mantra.”These are some of the main moves in financial markets:StocksThe S&P 500 Index climbed 0.4% as of 4 p.m. New York time.The Nasdaq 100 added 0.1%.The Stoxx Europe 600 Index jumped 0.9%.The MSCI Asia Pacific Index increased 0.3%.The MSCI Emerging Market Index gained 0.6%.CurrenciesThe Bloomberg Dollar Spot Index fell 0.1%.The euro jumped 0.1% to $1.1978.The British pound gained 0.3% to $1.3834.The onshore yuan was little changed at 6.52 per dollar.The Japanese yen was little changed at 108.76 per dollar.BondsThe yield on 10-year Treasuries fell one basis point to 1.57%.The yield on two-year Treasuries climbed less than one basis point to 0.16%.Germany’s 10-year yield advanced three basis points to -0.265%.Britain’s 10-year yield jumped three basis points to 0.762%.Japan’s 10-year yield increased less than one basis point to 0.093%.CommoditiesWest Texas Intermediate crude lost 0.5% to $63.14 a barrel.Gold strengthened 0.8% to $1,778.25 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • This dogecoin chart offers the clearest explanation for the buzz surrounding the ‘joke’ crypto

    Dogecoin, dogecoin, dogecoin! That must be what bitcoin holders are saying lately. Owners of the world's No. 1 crypto, like Jan from the 1970s-era sitcom, The Brady Bunch, must feel as if they have been living in the shadow of a more intriguing sister crypto.

  • GameStop Investor Keith Gill Doubles Stake To 200,000 Shares, Worth $31 Million

    On Friday, Keith Gill exercised his 500 GameStop call options to get 50,000 more shares at a strike price of $12, which is less than a tenth of the current stock price. What Happened: Keith Gill, the Reddit WallStreetBets trader, also bought 50,000 more GameStop Corp (NYSE: GME) shares, bringing his total investment to 200,000 shares worth more than $30 million. Gill — who goes by DeepF------Value on Reddit and Roaring Kitty on YouTube — is the man who helped inspire the GameStop short squeeze in January. On Friday, he shared a screenshot of his portfolio marked "final update" on the WallStreetBets subreddit. The screenshot showed nearly $34.5 million in his assets with $30.9 million of GameStop shares and $3.5 million in cash. The Wall Street Journal also reported Gill held more than $30 million in assets. Gill uploaded a video on YouTube entitled "Cheers everyone!" According to Gill's latest update on Reddit's r/WallStreetBets forum, his average price paid for GameStop shares is $55.17. Keith Gill gained fame amid Reddit's WallStreetBets craze. He has been posting about GameStop for a year and also making videos on YouTube. Gill found himself in the middle of the GameStop story after posting about large gains made from buying the stock before its 1,000% increase. Gill was registered as an agent with MML Investors Services LLC, a broker-dealer arm for Mass Mutual. Last month, the company filed a termination request with FINRA to remove Gill's broker license. In February, a class-action lawsuit was filed against Gill after the GameStop short squeeze. He appeared at a Congressional hearing in February regarding Reddit's influence on the market. The CEOs of Robinhood, Citadel and Melvin Capital also spoke at the hearing. Price action: GameStop closed Friday at $154.69. Image: Screenshot of Keith Gill's video See more from BenzingaClick here for options trades from BenzingaKorean EV Battery Suppliers To Ford, VW Reportedly Reach Agreement To Avoid Import DisruptionWhy Alibaba Just Got Hit With A Record .87 Billion Fine In China© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Investors should literally 'go away in May' this year: NYSE trader

    'Sell in May and go away,' advises the trading maxim. But with stocks at record highs, one trader at the New York Stock Exchange is recommending a related but different strategy.

  • Bitcoin slumps 14% as pullback from record gathers pace

    Bitcoin was last trading down 10% at $53,991 as of 1320 GMT, a whopping $12,000 below record highs set on Wednesday. Data website CoinMarketCap cited https://coinmarketcap.com/headlines/news/chinas-xinjiang-blackout-and-bitcoin-hashrate-correction-caused-btc-price-crasha blackout in China’s Xinjiang region, which reportedly powers a lot of bitcoin mining, for the selloff. Luke Sully, CEO at digital asset treasury specialist Ledgermatic, said in an email that people "may have sold on the news of the power outage in China and not the impact it actually had on the network".

  • Stocks are at all-time highs and the U.S. economy is booming. So why is everyone so freaked out?

    All manner of weird things keep happening in financial markets, from bond yields that go down when they should go up, to near-daily swings between big-picture convictions. It's hard to manage money when everything feels so fragile.