My teenage self would never have imagined there would be pot stores all over the place.
Sure, there was marijuana floating around my high school — and it was readily available.
But not that many kids were into it.
Those who did smoke were considered potheads and the general consensus was that they wouldn’t accomplish much in life.
Fast forward to 2019 and Illinois was among the first states to legalize recreational cannabis through the state legislature and make it legal for commercial sale.
Well, according to analysis by Chicago-based nonprofit Truth in Accounting, Illinois ranks 49th nationally in fiscal health.
It seems Illinois needs $52,000 per each of its 12.6 million taxpayers to pay off its bills.
And that was before the pandemic.
So you guess why we were first to grab the green.
Just out of curiosity, Scott and I tried to check out one of several cannabis dispensaries here in our area.
Did you know they have to scan your driver’s license in order for you to enter the building?
Hmmmm. You know me …
I do not want the government or anyone else tracking my every move! (Even though they already are with our phones and the many millions of cameras everywhere.)
Apparently the ID requirement is in place to prove dispensary compliance, enforce daily purchase limits and confirm age.
Fine, whatever. But I will give you one guess as to whether or not we entered the dispensary.
Why all this pot talk then? Well …
You can safely and anonymously read on to view my trade idea in Aurora Cannabis (Ticker: ACB).
Easy as ACB
I believe there could be a change in trend in ACB.
The Canadian cannabis producer has been in a downtrend since Feb. 11 when it traded a recent high $18.98. It closed last week at $6.86, and I am seeing a possible doji from Friday’s candlestick formation.
I will wait for today’s opening higher for a confirmation of the doji signal.
If that happens, I will buy the Jun18 7 calls and pay $.50-$.55. This is a nice, inexpensive shot at ACB trading over $7.55 in 35 days.
I would ride these down to $.25 on the downside and sell them over $1.20 and better on the upside.
So … enter the dispensary at your own risk and enter my trade idea with safety and confidence.
Thanks for Reading … See You Next Tuesday!