On University Avenue, in downtown Palo Alto, a store opened up about a year ago called David’s Tea. As much as I like tea (particularly a chai latte), I’ve never walked into the place. It looks like a makeup store to me.
In any case, I had no idea they were public, but apparently they are with the ticker DTEA. Here is their chart’s recent history. As you can see, something rather unusual happened recently.
I was quite curious what the spike was all about. The stock, prior to this, had been falling virtually nonstop from the mid-20s down to levels about 90% lower.
It turns out all the excitement was a (false) report that David’s Tea was about to get into the marijuana-laced beverage business. That just goes to show how loopy people have become about any stocks associated with cannabis. These “story stocks” have become one-hit wonders, and I’m sure whatever poor sap who paid $5 on that loony day was pretty pissed to see an instant 50% price drop before the market even closed.
Pot drinks aren’t sequested to just David’s, of course. There’s another firm called New Beverage that has likewise benefit from the prospect of selling a liquid that would allow people to sit back, drink their beverage, and basically zone out and become useless zombies for a while. After all, life is all about avoiding life, isn’t it?
Brace yourself for the political circus today, folks. I suspect a portion of the nation actually would enjoy one of the aforementioned beverages during these hearings.
