This is not any form of financial advise. Please Do Your Own Research (DYOR).
As mainstream media constantly compares the parabolic rise of Canabis equities to the Crypto & Bitcoin move, I drew a chart checking the facts. I compared Canopy Growth Corp, ticker symbol is WEED: one of my favorite cannabis stocks I invested in when Constellation Brands got in - maker of Corona. It is quite remarkable to see the correlation. WEED in shown in candlesticks in the chart below. And Bitcoin/USD is in blue. Bitcoin/USD outperformed WEED in late 2017. During the February/2018 bottom for the cryptos, WEED looks almost like a safety net as it did not perform worse than BTC/USD. Could it be used as a hedge, if you play on both markets - i.e. cannabis & cryptos? Is this the new normal: parabolic rises in new asset classes combined with mini crashes caused by alghos?
As the blue line crosses once more the price for WEED, could this predict new highs in 3-4 months in the cannabis market?
Please leave your opinion. Cheers!
