Cannabis Stocks Are Flirting With a Bottom

Canopy Growth and tech giant Nvidia recently reported earnings that just might make you blush

Why did Matt McCall don a suit on Valentine’s Day for his fans? Well, perhaps it was because many of the stocks he loves are showing him some affection in return. That’s right — his darling cannabis stocks may have finally found a bottom. And he’s got all the details in the latest “Moneyline” episode.

Cannabis Stocks Are Flirting With a Bottom
Source: InvestorPlace

Canada’s beloved Canopy Growth (NYSE:CGC) started off the day trying to court shareholders, reporting year-over-year revenue growth of 39%. What’s more, a per-share loss of 35 cents CAD was better than analysts expected.

But truly earning a box of cannabis-infused chocolates is the company’s progress toward profitability. Canopy reported opening more stores and cutting costs, while same-store sales grew to 11% — a feat that few in the retail space can claim.

In the wake of this report, other cannabis stocks are headed higher. McCall is watching U.S. companies in particular, since they stand to gain more once the federal government legalizes marijuana. Until then, however, they represent a fraction of their Canada-based peers’ values.

Regardless what happens in the near term, McCall is bullish on cannabis and Canopy stock. Overall, the industry is sure to generate some crazy returns.

McCall’s Podcast

It’s not just marijuana names that McCall is sweet on. Tech giant Nvidia (NASDAQ:NVDA) is also looking hot after its fourth-quarter report. The company reported earnings per share of $1.89 and revenue of $3.1 billion, with revenue up a whopping 41% YoY. Nvidia represents many of the big trends in tech that McCall is watching. It is involved in next-generation gaming, data centers, autonomous vehicles and cryptocurrency, and it dominates in its industry.

Beyond the company’s quarterly success is a message for the bears. How can anyone say that the market is overvalued or set for a breakdown when a company like Nvidia can still grow revenue 41%? There’s certainly still a lot left in store. This whole decade will bring radical changes to tech as we know it, and Nvidia will be leading the way.

Furthermore, Nvidia stock has long been one of McCall’s core holdings. He’s not recommending that investors chase it now, particularly as it approaches all-time highs. But with the rollout of 5G and other tech trends upon us, you better be watching that ticker.

Tune in to this episode of “Moneyline” with Matt McCall for more on the cannabis bottom, his views on economists and what you should know about biotech IPOs. Here’s a hint: 2020 will be a big year for some early stage biotech companies.

Matthew McCall left Wall Street to actually help investors — by getting them into the world’s biggest, most revolutionary trends BEFORE anyone else. The power of being “first” gave Matt’s readers the chance to bank +2,438% in (STMP), +1,523% in Ulta Beauty (ULTA) and +1,044% in Tesla (TSLA), just to name a few. Click here to see what Matt has up his sleeve now. Matt does not directly own the aforementioned securities. 

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