Today was an interesting day. I had to sell all my Aurora Cannabis Inc. stock today, which is kind of a bummer. That was the one real financial bright spot in my life over the past year. I bought it at roughly $2/share, and sold it for $8.67/share. Which sounds great, but man would I have loved to hold on to that stock. The projections are that it will eventually settle somewhere between $10/share and $35/share.
I didn’t have a lot of shares, but they were my shares. I made a play on this stock, and it payed off. For those who don’t know, Aurora Cannabis is a marijuana stock. Yup, that’s right, weed. The wrinkle is, it’s a Canadian weed stock.
Canada these days is kind of like the Wild West of marijuana stock trading. There are a bunch of companies jostling for prime market position, because Canada is set to legalize recreational marijuana use on July 1, 2018. This would make Canada only the second nation to legalize recreational pot, after Uruguay.
In the US, roughly ¼ of all US citizens now live in states where recreational pot is legal, including Washington, California and Massachusetts. It still remains banned at the federal level, however.
So I sold my weed stock, because I have to support Gen X Chronicle operations, and it’s really not the end of the world. But it’s annoying. Because not only was it a good investment, but I also believe in the principle of recreational marijuana legalization. I mean not only are cannabis’ medicinal benefits well-known, but the unfair criminal laws that disparately affect people of color are also an affront to justice. On top of that, it’s just way healthier for you than alcohol, and if alcohol’s legal, pot should be too.
I think Snoop Dogg had the best reaction when Canada announced their plan to legalize recreational marijuana in March 2017, tweeting: “Oh Canada.”
So what happens now? Maybe Aurora won’t make it, and a different company will corner the market. But just the other day they bought a large competitor, making them the biggest cannabis company in Canada, based on market cap. So there’s a distinct possibility that Aurora will become the Budweiser of Canada’s legal weed market.
Who knows? Hopefully by then Gen X Chronicle will have become the HuffPo of Generation X, and it won’t matter anyway. And let’s throw in my memoir becoming a best seller too. Yeah, that sounds good.
In the meantime, I’ll keep writing and plugging along, and I’ll still pull for Aurora, because why not? They made me some money, it’s a good cause, and I love Canada. So it’s a trifecta!
