Okay, a long day at work but had a long chat with Brett too:
- the first shipment to California was delayed because of complicated legals but was delivered and will appear on the next quarterly (not sure why this wasn't ANNed but don't think they were obliged to). Even though it's a state law, there are complications importing it into the US, but not insurmountable ones. Brett thinks that Donald Duck and his "good people don't smoke pot (but sometimes burn churches)" AG aren't likely to be able to stop the uptake by the states, given the enthusiasm even in conservative states and enormous revenues it is producing.
- Re: Panax - "Watch this space". Legals took longer than hoped because of international-ness and the murky legal position of MM. Brett is happy with the outcomes achieved and the R&D partner. Wait and see or cut and run. Given the interim successes of the other ASX pot stocks and the groundwork that has been laid, I'm waiting and seeing.
- Cosmetics distribution - strong interest but we'll only know as they're signed onto.
- Processing "clean room" is under construction and CBD extraction hoping to commence in Q2.
MMJ is obviously running well with Harvest One and a new $2mil, 5% investor. Hard to say whether there's still good buying but wish I hadn't had to sell on Monday for a minor 15% gain. Could run for a while yet but jumping onto a charging bull is like trying to catch a falling knife. If you think that MMJ looks great and MXC a dud, then you can't have been around long. MMJ seems to have pulled off a big, all-their-eggs-in-one-basket, back-from-the-brink turnaround, but the big gains they have made (that I think will continue) are really just a recovery and they will be among many in Canada. That said, Brett himself speaks fondly of Canada and its enthusiasm for MM investment.
AC8 should get some good movement off the blocks but might settle on a modest base until operations start in earnest. It's a dark horse and might take some time but, with Canopy holding 15% and given their resources, things could start up pretty suddenly and never look back. Like Zelda, they've got a lot of IP and connections, so don't overlook them.
I'm happy to keep holding MXC. I got in early but am still in the red, but looking for ST gains by moving between pot stocks hasn't proven worthwhile for me. Unless any of them seriously f#ck up along the way, all of the (only) 5 ASX stocks look like sound companies that each have points of differentiation. We don't have 30 to choose from so getting a bit of each and letting them do their thing seems a lower-risk, lower-stress approach than trying to pick the shortest term gains or the biggest movement.
Anyway, do what you think is best and live with your decisions.
Overinvesting has sometimes forced me to sell when I've needed the cash and more often not when I've been happy with the profit, so FFS keep some cash in the bank. As much as I like this stock, if I hadn't bought so much I could have kept my MMJ and made more money there while MXC is in a funk. I think this is temporary and will hopefully recover soon after the MMJ & AC8 orgies are over and some news comes through.
DYOR and GLTAH
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