Hey there, player. Today we’ve got weed investors getting high on three magic words from POTUS, option traders waking up ghosts from 1979, and inflation getting ignored in aisle 17.
If you stick around for the whole ride, give yourself a pat on the back… that’s 2 minutes of focus most couldn’t muster on their best day.
Stay rowdy (within reason),
-Will
Separation of Weed and State
You know, I never took you as a stoner, Donald…
Well, if you’ve been bagholding weed stocks, do a little fistbump for your holdings only being down -80% instead of -90%.
Cannabis stocks got high as a kite after reports surfaced that Trump is getting ready to do the unthinkable: stop treating weed like it’s heroin’s deadbeat cousin who lives under the bridge.
Tilray ripped +33%. Canopy Growth caught a +20% buzz. Even the weed ETF (CNBS) jumped nearly 19% in an instant.
Why? Trump is reportedly gearing up to reclassify marijuana from Schedule I (“no medical use, welcome to prison”) to Schedule III (“okay fine, you’re Ibuprofen with codeine now, relax”).
That one change would be a YUGE deal. Schedule III means weed companies can finally stop paying taxes like they’re laundering cash through a Caribbean shell company instead of selling gummies with cartoon bears on the label.
It would also unlock actual banking access, which is huge for an industry that’s been forced to operate like it’s still meeting behind a Taco Bell.
Naturally, Wall Street responded by hotboxing the trading floor with pure speculation.
This rally wasn’t about earnings. It wasn’t about growth. It was about the three most powerful words in markets: “Trump’s expected to.” He’s discussed it. He’s floated it. He might do it. Boom… stocks catch a high.
Sure, Trump has teased this in the past. But markets have the memory of a goldfish. This report was enough. Weed rescheduling was always a matter of timing… and now the timing feels… imminent-ish.
To be fair, this doesn’t erase the wreckage. Tilray was still down north of 30% before the bounce, and the weed sector has spent years finding new, innovative ways to lose shareholder trust.
Markets don’t look backward. They chase momentum. And this narrative is loaded: regulatory relief, tax relief, banking access, and Trump turning into the most unlikely cannabis bull since Snoop.
Remember, this wouldn’t legalize marijuana federally. It wouldn’t magically fix broken balance sheets. It wouldn’t stop cannabis CEOs from finding new and creative ways to keep shareholders up at night.
But this would be a generational policy win for cannabis. And for an industry that’s spent years getting lectured instead of regulated, that alone can send stocks screaming higher.
So if your most anti-Trump, perpetually baked friend suddenly starts saying “hear him out,” now you know why.
Market Gossip
-“Yeah, so Rich Dad Poor Dad told me to load my bags in 2020 due to a global supply crunch… Did I mention I also bought Nvidia early?”
If your uncle wouldn’t shut up about gold at Thanksgiving while your “internet money” was getting smoked, wait until silver hits the Christmas dinner conversation.
Silver just ripped past $60 an ounce for the first time ever and is having its best year since 1979. And no, this isn’t just WallStreetBets switching meme stocks for shiny rocks again (though they definitely showed up). This rally has been spurred by a perfect mixture of:
-Five straight years of global undersupply coming home to roost
-Industrial demand going vertical
-ETF inflows piling in like it’s 2020 again
-Degens YOLO’ing call options
-J-Pow opening the money spigot
In other words: everyone showed up at once… and there isn’t enough silver to go around.
The real problem comes down to simple economics: you can’t just “make more silver”
Unlike gold, silver is mostly produced as a byproduct of mining other metals like copper and zinc. So while demand keeps climbing, supply is saying, “Once it’s gone… it’s gone.”
Meanwhile, inventories are doing something… weird.
On paper, the U.S. looks loaded with silver. For instance, COMEX inventories are sitting around 456 million ounces… roughly three times their historic average.
Sounds bearish, right? Not really. That silver piled into New York because traders are terrified the U.S. might throw tariffs at silver as part of its Section 232 review on critical minerals.
Silver just got added to that list this year, because I guess everything (except for the Epstein files) is now a national security issue.
If you’re looking for one of the clearest tells that this move is getting over its skis? As always, look to options.
Call buying on silver futures and the iShares Silver Trust (SLV) just hit the highest level since 2020 and the cost of upside bets has exploded relative to downside protection.
Historically, silver moves in extremes. Calm has never been part of the program.
If you’re long silver right now… this is the part where you either take profits or learn a lesson.
-”Not all heroes wear capes” - me everytime I see the samplers out at Costco…
If you ever want to know how the U.S. consumer is actually doing, forget CPI, PCE, or whatever spreadsheet Jerome Powell is squinting at this week. Just check the Costco parking lot on a Saturday. And shocker, it’s still a friggin’ zoo.
Costco just cleared Wall Street’s bar with room to spare, posting solid top- and bottom-line numbers and reminding everyone why this thing is the G.O.A.T. Sales were up 8.2% year-over-year. Digital sales jumped 20.5%. Net income hit $2B. Translation: the receipts were printing.
The takeaway is boring in the best way… Americans are still buying in bulk, renewing memberships, and convincing themselves a 12-pack of sweatpants was a smart purchase because it was “only $19.99.” ’Merica!
Digital momentum keeps ripping. Website traffic rose 24%. App traffic jumped 48%.
Same-day delivery outpaced overall e-commerce growth, and Black Friday alone drove over $250M in non-food online sales… TVs, electronics, jewelry, and that one weird luxury item Costco sells that makes you ask, “Why is this here… and why do I want it?”
Memberships remain the real engine. Paid members rose 5%, renewal rates stay north of 90%, and once people are in, they don’t leave. They just upgrade to executive and start talking about it at parties.
Inflation? Costco’s never heard of her. Tariffs? They’re suing, reshuffling suppliers, and still selling $1.50 hot dogs out of spite.
The stock may be sleepy, but zoom out and it’s the same story: steady growth, insane loyalty, and a business that works whether consumers feel rich or squeezed.
While everyone else is clenched over AI bubbles and rate cuts, Costco keeps selling bulk toilet paper and quietly acting like the most reliable macro signal in America.
Daily Count
-Stocks took a step back Friday as investors kept rotating out of tech and into anything that doesn’t depend on AI hype decks and “adjusted” margins to survive.
-The S&P 500 fell 1.2%, while the Nasdaq slid 1.8%, officially turning Broadcom’s bad day into everyone else’s problem.
-The Dow dipped 0.6%, but get this… it also hit a fresh intraday all-time high earlier in the session. Very unserious behavior.
-Small caps weren’t spared either, with the Russell 2000 down 1.3%, despite touching a new all-time high during the day.
Today’s heatmap:
Oh and one more thing…
Go here and check out what Nancy and Friends just bought without our Insider Trading Tool… only available on our official Stocks.News app.
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