Before checking the stocks in my portfolio in the morning or during the day, I first review a list of why I bought each one, the info that choice was based on and the sources’ track record, and why I continue to hold it. Then if I see most of my stocks are all down for the day, I don’t act because it’s a bad day for cannabis stocks — especially if the market is down for reasons that should not truly affect my stocks.
Today was a Bad Day for Cannabis Stocks
Organigram, which fell down again today, is a good example this practice. I bought into OGI in anticipation of its moving to NASDAQ, which has boosted prices of other major Canadian operators, and info that told me it would perform well by November or January. Even though it’s down, I’m holding it because of two other things: it will soon reveal its plan for entering the US market, and the December-January roll-out of oils, vape pens, and edibles in Canada (they’ll be doing infused chocolate that takes effect in 10 minutes).
The Canadian retail market doubled in sales in April over March and will likely continue to grow as more shops open. Also, the company is making the right moves in Europe. These make it a hold for at least six months, and definitely not think about selling if it’s down today.
Doing this with the rest of my portfolio also forces me to slow down and think, rather than panic sell. Or even add on if the price is climbing and I already have enough of my portfolio in that stock.
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