In my opinion, there has been one key piece that everyone
In my opinion, there has been one key piece that everyone who is investing in the marijuana industry has been waiting for - the rescheduling of marijuana in the U.S. That opens the flood gates to a new world of possibilities. AG Eric Holder can do this on his own at anytime. Instead, he kicked the can down the road and put it in the hands of Congress. Everyone knows how fast Congress works. The quick solution was for Holder to just do it. The long solution is for it to make its way through Congress. Therefore, the rescheduling of marijuana was just delayed big time. As a result, people sold the entire marijuana sector today and FITX got dragged down with the rest of them.
The beautiful thing about FITX is that the above mentioned process in the U.S. does not have a huge impact on its development. Canada is completely different and the path for Bill to establish a hugely profitable business is already known. Selling to the U.S. will take the company to a new level but right now, the goal is to get up and running in Canada.
I believe that people saw this at the end of the day, which is why we closed with nearly 2 million shares on the bid. People dumped all marijuana stocks but late in the day, they went looking for bargains. People realized that FITX went down for reasons that shouldn't affect it's immediate development. People wil be looking for places to go in the marijuana sector and Canada will be popular place to look with the success of Tweed.
We will see how things will play out, but the delay of rescheduling in the U.S. may be a boon for the Canadian companies and today's hiccup could end up being a springboard for FITX as it gets closer to licensing. That is how I see things playing out and I have my money invested for it. Honestly, the thought of selling never entered my mind. I was only looking to find my spot to buy more and I did so.
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