A consumer investor who put his entire life savings of $10,000 into cannabis stocks earlier this year dismissed an article submitted to his favourite weedstocks forum earlier this week saying it was just “some shorters looking to find a good entry price.”
The article—a submission from an industry group highlighting concerns that legalization won’t likely be in place until late summer, and not by July as many had first hoped—was posted by the Canadian Press and picked up by the Globe and Mail, the CBC, and other Canadian news outlets.
Despite being a long, in-depth article that provides ample evidence to justify the newly expected timeline along with the possibility for major amendments to the Cannabis Act, John James, who posts on reddit under the handle /u/yolotothemoon420Lintonfan, dismissed the article outright.
“Everyone needs to calm down, legalization is coming along fine and we’re still on target for July 1, to the moon!” James wrote on /r/weedstocks, generating dozens of upvotes. “This is just fake news from some shorters trying to find a low entry point because they’re jealous of our earnings.”
“Or at least, what I hope will be our earrings,” James added in a later post, admitting he bought Canopy at $38 a share in early January. “All I know is the last thing we need is this fake news trying to tank the market. My wife is going to kill me if this doesn’t double by July like I promised her when I spent our life savings on Tweed and Aphria.”
* Buy chuckles, sell laughs.