January 6 2023,


Happy new year all!

Some housekeeping news: Late last year we were dealing with a tech issue that disrupted our subscription management, including the delivery of some free and pro newsletters.

Happily, the situation is resolved. We’ll be running at full steam in a week or two. I’ll reach out to some of you whose subscriptions may have been affected. But if you have had any problems drop a line and we’ll get those resolved. 

The coming year promises to be tumultuous for the cannabiz, but WeedWeek has never been better prepared to support our readers with timely, credible news and information that matters to your business.

We’ve also got some exciting things coming. Here’s to a good one.

In the newsletter:

  • Only one way for pot stocks to go



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Will this finally be the year for pot stocks? In their favor, it would be difficult for them to get much lower. New Cannabis Ventures‘ global index hit a new all time low in December. NCV founder Alan Brochstein notes that the index fell 70% last year.

He writes:

After such a massive decline, the worst in the history of the index, the market could offer high returns to investors in 2023 and beyond. If the index were to triple, it would still be down since the end of 2021. To get to the level it reached at the end of 2020, it would need to increase more than 4.5 times.

Just because a stock or a sector declines doesn’t mean that it will rally. We believe, though, that the market is very oversold and offers great valuations for good companies.

However, the Wall Street Journal notes that prevailing conditions haven’t given much reason for optimism. In addition to bank reform’s failure to pass the House of Representatives in December, the industry is carrying more debt than ever before. “U.S. cannabis companies have borrowed around $4.2 billion since the start of 2021 through Dec. 16, according to data from Viridian Capital Advisors. This will be painful to refinance as the average cost of debt for cannabis companies has jumped from 9% in the second quarter of this year to 13% to 16% today depending on the borrower, Viridian estimates.”

Read the whole thing

(Disclosure: I have a long position in a cannabis ETF and am not happy about it either.)




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