Markets continued their positive momentum so far on Tuesday. Broad-based gains are pushing major indexes back up against their all-time records. Positive macroeconomic indicators, including a strong economic activity report from the Chicago Fed and surging US home prices, fueled the buying.
The gains were broad-based, with every sector up at the time of this writing. The news is relatively slow heading into the US Thanksgiving holiday, but macroeconomic indicators continue to salve investor confidence in rising valuations.
Today’s Top Gainer nearly doubled its morning value after tapping into the lucrative new legal cannabis market…
This morning, Social Detention announced a new partnership with Cann American Holdings, a diversified cannabis industry stock based in California. Cann American provides cannabis production consultations within the Northern California region. Social Detention is an infrastructure development company.
Under their current model, Cann American provides only recommendations for contractors who construct cannabis production infrastructure. Projects include irrigation, land clearing, grow-house erection, and other core production support.
This new agreement will make Social Detention’s subsidiary ELLA the sole licensed contractor partnering with Cann American. As NorCal recovers from massive wildfires, SODE hopes to jump on the chance to help rebuild the region’s cannabis production capacity in short order.
Investors piled into the stock on the news, driving it to 90% gains at the time of this writing. Stock traders remain eager to tap into the booming cannabis industry. And stocks providing peripheral services to cannabis producers may offer a more value-rich approach to riding this trend.
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