TM editors' note: This article discusses a penny stock and/or microcap. Such stocks are easily manipulated; do your own careful due diligence.

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When I first wrote about this pot stock, under the headline Higher and Higher, I argued that, at C$4.71, Canopy Growth Corp. (TWMJF) was overbought (see the alert in the RSI line, which I then circled and which still exists), and probably deserves a rest before you buy. Sorry about that: I was ‘way wrong. Fortunately, I held on to my shares; I hope you ignored me and bought some. At one point this morning, shares were up 12 percent for the day. Amazing!

Why did CGC.TO ignore the RSI signal? Because it’s tone deaf. It appears that the company has cut a deal with rapper Snoop Dogg. More than a rap singer, the American also has a rap sheet which includes marijuana, cocaine and firearms possession. The first of these convictions, it appears, is of interest to Canopy, which produces and sells medical marijuana.

On its website, Canopy describes Snoop Dogg as “one of the most revered figures in music,” “a cultural icon” and “a business pioneer in the cannabis sector.” Getting to the point, the company has cut a deal with Snoopand his business partner, Ted Chung, to partner in the distribution of “Leafs By Snoop,” which includes “hand-weighed flower, concentrates, and edibles.”

I don’t use pot myself, but the stock is certainly getting me high.