Burn out

[The beef 675] [I'm an image] "STAY OFF THE WEEEEEED." - Jason, doing his best Stephen A. Smith impression [Read The Beef Online - Click Here]( Hey there carnivores, Markets broke more records on Friday with the Dow topping 28k for the first time ever. Today we’re pouring one out for weed stocks. Keep raging, Jeff & Jason [Image] [I'm an image] Burn out [Image] "[You know, we used to have so much fun together.](" - cannabis investors to weed companies Canada based Canopy Growth and US weed retailer MedMen [dealt major blows]( to the already reeling cannabis industry at the end of last week. Canopy reported earnings on Thursday that were well below expectations and disclosed that the company is unlikely to reach its $189M revenue target for its fiscal year-end coming up March 31. The stock dropped to $15.32 by market close on Friday, it’s lowest since 2017. And it's C$7B market value is a far cry from the C$24B it reached in April. A day later, retail pot company MedMen announced that it is laying off 190 of its 1.3k employees as [it looks to control costs]( and preserve its cash stockpile. Shares fell more than 3.5% to below $1. Here's to the good times You might remember that last year pot stocks got their crypto on, [climbing to all-time highs](, driven largely by analyst speculation (and those really convincing Motley Fool ads ... you know, the ones promising to tell you about "the Amazon of cannabis") that federal legalization and a sales boom were right around the corner ... That was then, this is now The wheels have all but [fallen off]( the marijuana bandwagon. "But why ... mannn?" - any of you who are waking and baking right now. Well, it appears that the federal legalization of marijuana isn’t a priority for the current administration. Not to mention, New Jersey and New York have delayed their efforts to legalize. Narcs. What does this all mean? Without the green-light from Johnny Law (read: the passage of the [SAFE Banking Act](), traditional financing (and access to banking products) remains elusive for US-based pot peddlers. Anything else? Funny you should ask. Despite weed being legal for medical use in 33 states, black market devil's lettuce (aka the weed you buy from your friend Doug who works as an assistant to the assistant manager at the local vape emporium) remains rampant ... and even retailers that manage to get an operation up and running face effective tax rates as high as 90%. How bad has it gotten? Hell, even Canada hasn’t allowed as many retail stores to open as initially expected, despite having legalized weed on the federal level. Unsurprisingly, institutional investors aren’t sold on dumping large sums of money into these companies just yet. Meanwhile, retail investors (read: your friend Doug) are jumping ship (and dragging share prices down) as they wait for the land of the free and the home of the brave to get its sh*t together. The hopes and dreams of budding pot companies aren’t up in smoke just yet. Some analysts still project the weed market to grow to as large as $85B globally by 2030. Bottom line: “Anyone else have a sudden craving for Domino’s?” [I'm an image] Did you invest in weed and NOT sell the rip? Sorry for your loss. Don’t be mad, get even. Join us on November 20th at 8:30 PM EST to learn about the next frontier in investing: [angel investment.]( [I'm an image] ☑️ Down, but not out. HP’s board of directors [unanimously rejected]( Xerox’s offer to buy the company. You win some and you lose some, amirite, Carl? Under the proposed offer, Xerox would have acquired the hardware maker for $22 per share (77% cash and 23% stock). However, HP left the door open to further discussions, stating it's ‘open to exploring a potential combination with Xerox’ but is concerned about the level of debt the transaction would put on the merged company. Balking at the first offer … the oldest trick in the book. ☑️ Unionize. Stop me if you’ve heard this one before: NFL and MLB players walk into a bar. The unions that rep NFL and MLB players [are creating a marketing company]( that will help athletes capitalize on their name, image, and likeness. *The NCAA has entered the chat* The new company, called OneTeam Partners, will focus on video games and player trading cards in the near-term. ☑️ Round down. Saudi Aramco (read: Mohammad bin Salman), which was seeking an IPO valuation of $2T has reset expectations. Aramco is now [shooting for a range]( of $1.6T to $1.7T. Lower oil prices, climate concerns, and geopolitical risks have all rained on Saudi Arabia's parade. Exhibit A: the September attacks on Aramco's facility that briefly cut the country’s oil output in half. So, why take the risk? Well, from January to September, Saudi posted a profit of $68B, exceeding the world’s most profitable publicly-traded company’s (Apple) net profit from 2018. ☑️ Back on my bull-sh*t. The Dow Jones Industrial Average [topped 28k]( for the first time ever on Friday. This was the index’s 11th record close of the year, as recession fears fade a decade into this bull market. The S&P 500 and Nasdaq also closed at record highs amid new US retail sales data that showed a 0.3% increase in October after a drop in the month prior. What downturn? RagingBull, LLC 62 Calef Hwy. #233, Lee, NH 03861 Neither Raging Bull nor RagingBull.com, LLC (publisher of Raging Bull) is registered as an investment adviser nor a broker/dealer with either the U. S. Securities & Exchange Commission or any state securities regulatory authority. 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