Shares of marijuana companies like Tilray (TLRY, Aurora Cannabis (ACB) and Canopy Growth (CGC) are strong buys into the November election. Buy marijuana stocks now is the clear signal I am giving and I will explain why. The sector remains near its 52 week and in many cases all-time lows while the rest of the market has soared. The sector has priced in a continued Republican President and split congress. This means there is little downside (since the worst case scenario for this sector is priced in already). It also means there is huge potential upside of 100-200% in many of these stocks on the chance of a democratic sweep. Even moving away from the election, the stock charts are extremely bullish. The Aurora Cannabis chart as well as Tilray have amazing bullish consolidation patterns that are ticking time-bombs ready to explode. Aurora Cannabis has upside to $20 from the current $7.60 level and Tilray has upside to at least $10 from its current $5.75 level.
Again, the beauty of these stocks is that the downside risk is priced in while the upside reward has not even begun to inch into the stocks. Big money should start accumulating in the next few weeks. To be safe, sell into the election, at least a portion of the profitable position to hedge. Buy marijuana stocks now, a no brainer trader into the election in November 2020.
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