Aphria (APHA)

Feb 16, 2021Trade Ideas

After pulling back from a high of $32 to $14.56, Aphria (APHA) appears to have caught strong support. From here, we’d like to see it refill its bearish gap at its prior high.

After all, excitement with cannabis stocks is just heating up.

For one, U.S. Senators Cory Booker, D-N.J., Ron Wyden, D-Ore., and Chuck Schumer, D-N.Y. said, “We are committed to working together to put forward and advance comprehensive cannabis reform legislation that will not only turn the page on this sad chapter in American history, but also undo the devastating consequences of these discriminatory policies. The Senate will make consideration of these reforms a priority.”

Two, according to Politico, “Fifteen states have passed full marijuana legalization. Another 21 states have legalized medical marijuana. Virginia, New York, New Mexico and Connecticut are among the states that could back recreational sales this year. Legalization has spread across the country even though the federal government continues to classify marijuana as a highly addictive, illegal drug with no medical value.”

If we see legalization this year, we wouldn’t be shocked to see related stocks skyrocket.
With APHA, you can buy the stock at market with a target of $32. And, or you can buy to open the APHA March 19, 2021 22 calls. You can hedge with the APHA March 19, 2021 20 put.


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