Who needs bitcoin when you have Tilray?

The new bitcoin and they have a product too

The price of Tilray - a Canadian-based company and supplier of cannabis products to pharmaceutical distributors - is trading up $116 at $272 (it actually moved up to $300 but I am not that quick). The company went public in July at $17. The gain today is 73%. If you bought at the IPO, you would have a 15 bagger (15x gain). Wow.

The meteoric rise begs the question, "Who needs bitcoin when you have Tilray?" After all, they even have a product to hang your hat onto - or to smoke.

Now, I am not encouraging going out and buying Tilray. As someone said on CNBC the other day, "the reason why they call it weed, is it grows like a weed", but in this day and age when traders look for the next Bitcoin, cannibas stocks seem to be the next Bitcoin. Growing is easier than mining too.

Speaking of Bitcoin, the price has moved into the red, and trades down -$87 at $6230. The digital currency fell back below the 100 and 200 hour MAs on Monday (blue and green lines in the chart below), tested those MAs yesterday. Today, the rally stalled ahead of those MAs (green and blue lines in the chart below). The September lows at $6176 and $6116 are in site. Key levels.

A move below the September lows, will have traders looking toward the other 2018 lows at $5900 and $5777. The November 2017 low reached $5511. Moves below those levels, and the fat lady may start singing for bitcoin. The party may be over....

Bitcoin was great story for 2017, but it is soooo 2017, plus what good is it anyway. Passing the regulation smell test seems to be a long way off and mining? Well, who wants to do that anymore. It is so expensive. It has the potential to go up in smoke if the technical bias sees the price dip below the key floor levels..

Instead, the ultra risk takers can switch their focus to the cannabis industry and jump on that bandwagon.

FYI, other stocks in the industry are Cronos, Aurora and Canapy Growth.