Another quiet day for the cannabis stocks, but I’ll take quiet with a slightly green close over the alternative. We managed to finish marginally higher, and at this point in the month, that alone feels notable. With six trading days left on the calendar until the end of January, you would think we’d have heard something by now from Pam Bondi regarding the final steps on cannabis rescheduling. Assuming she follows through and wraps things up as requested by Trump, the announcement could really come at any time. Until then, the market continues to wait and waiting markets tend to drift.
Even on slow days like this, I’m always looking for clues under the surface. Today, two names stood out to me: TLRY and CURLF. Neither made any big headlines, but technically they’re sitting right at key support levels, and that’s where my attention usually sharpens. What caught my eye was the action right at the open. In both cases, it looked like buyers stepped in almost immediately, defending those levels before things had a chance to slip lower.
When I flipped down to the ratio lines in the lower pane, the picture got a little more interesting. Both TLRY and CURLF showed a slight upturn versus MSOS, which tells me they were beginning to outperform the broader cannabis ETF, even if only modestly. That kind of relative strength doesn’t mean much on its own, but it’s often how early moves begin quietly and without much attention.
Volume, however, was nothing special. It came in about average, so we don’t yet have that extra confirmation I like to see when a real move is getting started. Still, the fact that support held and buyers were willing to show up at those levels is something I don’t want to ignore. In beaten down groups like cannabis, rallies often start from these exact conditions: boredom, skepticism, and subtle relative strength.
For tomorrow, I’ll be watching closely for follow through. If these stocks can build on today’s action and volume begins to expand, that would be a meaningful change in character. Until then, patience remains the name of the game but the setup is starting to get interesting.
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