something to watch tomorrow morning. >> we're watching these same levels that we've been hovering under for a very long time and i don't think the data we're going to get and honestly and see if the market does respond to the mueller report because for a long time it's been really only in the periphery >> okay. great stuff. that does it for "closing bell" today. >> "fast money" begins right now. "fast money" starts right now live from the nasdaq marketsite overlooking new york city's times square. i'm melissa lee. tonight's lineup, brian kelly, dan suzuki of richard bernstein, karen finerman and guy adami the unicorn set to start trading tomorrow and we should have pinterest and zoom in moments. plus it's a health care headache, the sector getting slammed today down another 3%. we will tell you what's wrong with this group. we start off with a is celebration for investors, the nasdaq 100 hitting an all-time high for the first time since october 1st as tech is specifically and the chips have led the way back from the december lows, but take a look

at some of the nasdaq heavy weights and facebook, amazon still up 10% or more off their record high. so will those names catch up with the rest of tech? what do you buy now, guy >> first of all, there are people that are watching that are getting married in the fall and a lot of them will think to play that song >> nobody would think to play this song. >> this sis so old, and we are family, the sister sledge song i encourage you folks, if you're thinking about it, don't do it >> the more you know >> welcome, dan. >> what was the question >> no, i know what the question is can the tech heavy weights go up facebook scares me, but there are names that make some sense and we headed similarly to the show about a month and a half two months ago and i said there was another radar stock in tech that people haven't looked at that was $230 right before president trump started these tearives and it traded down 130

and it traded to the upside and it was lam research and they reported and 5g is all the rage and at 13 times forward earnings it's a reasonable valuation. so if you're look for example a place that not a lot of people talk about it's lrcx >> is it troubling that some of these largest cap companies in the nasdaq 100 aren't quite there yet? i don't know that that's troubling in a sense we talked about this the last time i was on the show tech is the most cyclical sector that's out there and on a lot of different metrics and the fact that some of these stocks haven't done well, some of these stocks are cyclical and you look at this quarter's earnings and the tech earnings will be down 10% and that's what's baked into consensus right now. people forget that these are cyclical stocks and the profit cycle is slowing right now so i think people need to recognize that and a lot of these stocks that you mention

are the ones that you're seeing the hit and apple is a great exam example of that >> the fact that the semiconductor index did to me what's a blow-up top and if you get slow are earnings and a vertical top market and they've been the leaders and remember, they topped out and started going lore before the october and november soon. >> we played celebration at the top of the show which is supposed to be something very good >> no, no. i don't think it's that good i think cash will stay down on apple, not that, to me semiconductor name will be much more cyclical than a fang-type name and the euphoria there, i don't know that the fajs are too cheap. the ones i do own i think are cheap and that's always the way it is. alphabet, facebook, those represent real value and so i'm

long those and i hope that they go up and the semis don't collapse -- not collapse, but don't come in a lot and that's why i think the value is i wouldn't be chasing semis here. >> to sort of key off what these guys are saying do you then want to move into the more value area of the cyclical sectors at this point? >> for example, the banks. >> the banks. >> for example -- >> the most valuable in the most cyclical sector, right and obviously the banks have had a nice run and i'm surprised by how well they traded and i looked at that time and maybe it makes sense and you look at goldman sachs hovering around 208 and that's the book value of the stock when they reported a couple of days ago banks that are trading book value. yeah, you can see how that makes sense and j.p. morgan which is trading two times price to tangible book which is a different conversation and you have to wonder are they ahead of themselves and to push back on tech a little bit. facebook has been impervious to every bit of bad news that's come across the helm and there's been a lot of it over the last

couple of months you have to wonder at a certain point given the run is the bad news going cover up and the only thing that saved it, and if that were ever to change, look out below on facebook. my opinion >> the procter & gamble ceo said he was re-examining the ad spend because of the negative press around it. we're not too long away from facebook's earnings. >> we're not to me, facebook has idiosyncratic issues and it is unclear if that's going to work. not only that, they're trying to have this privacy first and again, when you're tieing to do that, and i don't want to call it a turnaround story, but it reminds me very much of a turnaround story and i don't think it will trade as much with the market and it may be a good value, but if i look at the fangs in them and to me apple is the one that looks the best if you're looking to buy something and i think that's more defensive than anything else because of their relatively steady earnings streak

>> so, dan, is this all a cue for investors to say i want to be in the cyclical areas of the market, but i want to be in those that are more value oriented at this point >> i would disagree with the whole thesis altogether. >> okay. when the profit cycle is slowing you don't want to own cyclicals because those are the things that will have the worst earnings trends and it doesn't matter if they're value cyclicals and high growth cyclicals. you want to tone down your optimism on the whole space. >> so the recent bid in bank stocks, for instance bad news there >> i think what's happening this year and we talked about this last time is that everybody is getting called out on this what's been going this year trade, right tech is one of the best performing sectors and all of the cyclicals are doing well and it's a reversal of what happened last year. so people are assuming that what's happening in this year is this, today's fundamentals and it's about fourth quarter fundamentals and reversing that. if you take that out of it the cyclicals haven't done that

well the cyclicals have done that bell and the defensive stuff, and it will be the stuff that matters more. >> i think the banks are a proxy for the u.s. economy, economy, let's just say, they'vel shown they can be profitable and be they don't everybody it p-e, and that's a positive to me. looking at something like an industrial or sick nickal like a uri which i earn big earnings out tonight and they're just reaffirming and the stock's up a lot and people are nervous that the call was slowing and it looks like what they're telling you is they're not seeing that. they're seeing strength out there and so i think that as long as we continue to see good, economic data or good earnings, i think the market does have more to run. however, i'm a little nervous with the vix in here i have to buy more puts. >> so the point is we have good economic news.

that's what concerned me today is we had good economic news from china if you had told me that we'd have a trade deal signed by the end of may i would have told you the dow was up 300 points and a these levels it doesn't seem like the drivers who have driven this up and low interest rates by the fed and the potential for a trade deal and improving economy, all of those have been priced in. we need this new piece of information that will move the market and my concern is with this rally that new piece of information moves the market lower and look at how the vix traded today it closed near the highs of the day. >> i mean, the question is with all this said could a china trade deal be a sell the news, vent with where we are in the cycle and with valuation and the lack of reaction in the marks and it could just be that all of these think's head lines that has come out every day there is a dim inushing trade line, and steve

mnuchin says president trump has beated about it and he hadn't moved it at all, and we're 75% from the s&p and the market continues to levitate here in my opinion because the central bank and the federal reserve did a totally about face two or three months ago and that to me is the big driver and the hope of a china trade deal i'll say this, the chinese mark has come raking back. >> and the data has come raging back again, my opinion and why would the chinese be in such a surrhu with the united states right now? >> if they don't the market would go down a lot. this is a longer term thing, right? they can't time the market when you do it. >> since there are banks lending the equivalent of the gdp of switzerland, year to date and things like that help. >> also we have another fight on our hands with europe, potentially and i don't think it will stop there. you have a president that fights with dead guys and they'll certainly fight with anybody

else in the world and that's a big risk to the market >> i think the one thing that you're talking about, should you buy the s&p here should you buy cyclicals why don't you just go buy choin a right? if the data is improving in china the data is getting worse, the simple answer is don't talk about buying u.s. cyclicals and i think there's more room to run. >> or one separate move. would you buy europe >> no. so you can buy the second derivative play and why buy the second derivative play when there's plenty of upside there >> europe's run a bit too, right? to me china has the more upside and you want to see copper had a great breakout and that tends to be a china proxy in a sense and you can look at freeport mac and that may be one way to play it and to dan's point, why not buy the shanghai and it's got a ton of room to run. >> the health care sector has been feeling some hurt lately and it's our chart of the day and the worst performing sector in the s&p 500 the cause, the health insurers

like unh, cigna, anthem and humana weighing on the sector and one of the traders thinks health care might be the cure and you alluded to this defensive. >> when the profit cycle is slowing you have to buy more defensive sectors and you talk about tech and financials and tech and financials are two of the three worst performing sectors as the profit cycle is slowing and we look at profits, liquidity and sentiment and profits and top buying growth for the health square sector is one of the best in the s&p and they're the only sector where analysts are taking up top line and bottom line estimates and they're cheap on basically every metric you have. so i think there is a huge demographic story in there and to get that demographic story out of history is a great opportunity because it's trading off of the headline. this is not new news and this is probably going to be part of the sector story for a long time and it's going to be a very political hot-button issue and especially as we get closer to the election, but this is not

dissimilar to the fact that a couple of years ago hillary tweeted about drug pricing and she will crack down on the weight in the near-term and over the long term, if profit cycles are turning and that will do well for the sector. >> you bought anthem just the other day. >> i had to going into this and then i bought some two days ago, and i tried to buy some today and i tried to buy some options today and they were thin and wide, so unfortunately, i didn't get anything done. i think that this is really, really overdone. two days ago i bought it at a much worse price than it is today, but everything you're saying these are great companies and profitable companies and they are in a sort of -- vortex of negative news and so i like it when things trade down by integers or -- right $10 at a time now. i've had enough liking it and i would prefer to bottom out right now, but i think it's very attractive here. i think you will see this die down and we've seen this threat several times before over the

last -- ever since obama care, and i think you would see it drive down and this is tremendous value >> when are the elections, guy not a trick question it's want a trick question >> november 2020, is that right? can they do that ding ding >> why did i ask you >> because you wanted to make me look foolish >> i knew because the headline risk to this group will last through at least -- i agree with that in some ways and i disagree with that. >> i wanted to add one other point. >> anthem. they have $5 billion left in their buy back i did call and i didn't hear back and maybe they'll increase their buyback and i don't think they'll be out there before they report and it would aren't be surprising to me to see some of these hmos out there and they do big buybacks >> but you are correct you have until november 2020 when this will be in the crosshairs to a certain degree and it will weigh in in terms of the rhetoric look at the quarter yesterday was an outstanding quarter and

they actually raised guidance. you have a stock that's trading at 13 times forward earnings and the last five-year average is taken and trading 21 times forward earnings and that's the good news. the bad news is 96% of the analysts have a buy on it and i don't think there are any sells on it which is a bit of a problem because now you might have some analyst reversing numbers. that being said, you are talking about trough valuations at a company that's doing extraordinarily well where people are shooting first and asking questions later so i think you have to be onboard and i don't think any of this stuff will go through and the rhetoric will day down and unh, whenever it is now, 220 was a gift. >> and look at the e trs f, xlv, look at how it traded today. huge volume on this puke type of sdming when i feel like i want to vomit on my shoes those are the best trades and so that's what today in health care look like >> all right we have breaking news in the cannabis space for weed week,

ironically it's buying acreage holdings and this after the flurry of deals we've seep in the space. according to sources close to the company the two have been in talks for the past two weeks and they're skedz you willed to have a call tonight to finalize the deal and possibly announce this deal as early as tomorrow morning and this deal came together very quickly. canopy growth was looking at other multi-state operators here in the united states and if you think more broadly about this deal and what this means for the industry, remember, that consolation brands is a major shareholders and stake holder in canopy growth and it allows consolation brands to have a piece of the u.s. cannabis market so it is believed by industry insiders that this could be the template for a lot more of these types of deals to happen for u.s. major companies to have a piece of the u.s. cannabis market so that is what we're watching tonight. we'll have more details to see some of the other targets that had been approached by canopy later on and also we've got ben

kovler, the ceo of green thumb, and we'll get his take on what this could mean and this could be a major deal and canopy growth buying acreage holdings. >> not only could this be a big deal, but the template for other ways to get into this. many companies have been trying to figure out what is kind of the most -- the best legal way to get into this without running any into any issues. this could be the way that they do it. it could pump up valuation, but it could be good for a trade here in the entire face because the whole space will a be higher or what the takeover value is. >> okay. meantime, we have breaking news. zoom pricing the ipo let's get to leslie picker for the pricing. >> melissa, this is according to a source with the pricing discussions and i am told that zoom has priced its ipo at $36 that implies an offering size of $751 million

a valuation of $9.2 billion in the oshmarket cap and pricing i dollar above the range i am told that this ifrp could have priced even higher than that based on the demand that came in the door and the company wanted to stay conservative to ensure a debut tomorrow. >> leslie picker at headquarters and this was expected for the software company, priced above the range? anybody following this >> privately, they had this thing valued at a billion. what did leaslie value it? 9 billion. >> pinterest, i have a page and we traded trade it or fade it? >> value trade and i said value trade. >> karen makes a good point. it's not a value at all. >> no, it's not. unvaluation.

>> 60% revenue growth. i have a billion users in a couple of years and they went slow and steady, pinterest i know because i've had a page for at least the last six or seven. >> i feel that means that you shouldn't buy it pinterest should really contact you to have you take your page down [ laughter ] >> oh, wow >> the laughter is fantastic >> the one thing about the zoom pricing, though, i think it probably erases the negative tone from the lift pricing and it went above range here and people are concerned that maybe the unicorns wouldn't be able to come out ander form and we'll see how it trade, but this is generally a positive sign for the ipo market. >> the big difference is it makes money, right apparently something that's now envogue and f en vogue and i think it will be interesting to see how zoom trades tomorrow versus pinterest. i mean -- i know that's a lot of

ebitda and a lot of growth and still it's a lot of losses, too. >> coming up, zoom pricing moments ago and we're still awaiting pinterest and the ceo of caspar is here as the mattress delivery giant is gearing up for its ipo plus, las vegas sands jumping and we'll tell you what wall street is saying about the quarter and there is a stock gearing up for earnings tomorrow and traders are betting it is about to crash were a live in times square in new york city. much more "fast money" after this moving is hard.

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[ sigh ] introducing an easier way to move with xfinity. it's just another way we're working to make your life simple, easy, awesome. go to xfinity.com/moving to get started. kwwelcome back to "fast money," upgrading domino's pizza while downgrading chipotle after shares soared past the 12-month price target and check out the golden arches serving up a frsh all-time high as that stock continues to grind higher. if you want to dig into fast food where do you go and ironically i asked karen this who doesn't eat fast food. >> but if i did i'd probably go to mcdonald's. i mean, it's not expensive relative to some of the other maims and they've been executing really well. chipotle, kudos to them they've done a fantastic job, but i feel

like they are on the high wire you in any tiny miss and the expectations are very high could really execute closer and i would like to be in mcdonald's and the risk reward is more attractive. >> kudos to piper jaffray. she's been the axe in the cmg for the last couple hundred there ares and i think the valuation is ridiculous in cmg and i've thought that for the last $150 and even mcdonald's now is getting a little rich they'll report on april 30th and close to 22 times forward earnings and historically it's the loftier, frothier end for them so they better crush on april 30th, but to your point earlier it continues to be slow and steady to the upside and maybe the trade in mcdonald's will pull the rip cord before they report. >> mcdonald's is rolling out their tech platform, right if you look at what happened and that's what mcdonald's is doing

just now and if there's the other companies are a guide, one might think that their sales and earnings will increase quite a bit because of this. i would stick with the mcdonald's. >> when things are slowing is a dollar menu defensive? >> yeah. we are probably within the discretionary space and within restaurant, definitely mcdonald's would operate more like a staples company i would just be a little bit, and i would be cautious overall on those types was names because they're cyclical, right? i think the economy is doing worse and you want to avoid those types of restaurants and typically, the big debate right now is the economy slowing and are people going to start losing their jobs and you see some bouncing around and if that happens and you want to be way more cautious on those types of names. to your point on technology, mcdonald's isn't going to be the first restaurant to roll out technology there's a lot of other restaurants who will remain nameless, but they have terrible, terrible apps that i won't use. >> it could backfire >> i think starbucks has a good one. i think mcdonald's -- >> so you don't go to chuck e.

cheese >> their app is amazing. [ laughter ] >> for more on the big analyst calls of the day and which stocks have the biggest moves go to cnbc.com. still ahead, the ipo is having a boom, and we await pinterest we will talk to the ceo of caspar as the mattress delivery giant could be gearing up for its ipo. we'll ask him. much more "fast money" coming up right after this

♪ >> welcome back to dwoet fast money. imf madness is in full swing two tech unicorning coming up tonight. we are still awaiting pinterest. leslie picker is with us >> zoom just priced its ipo at $36 a share according to a person familiar with the

discussions and that values the videoconferencing provider above $9 billion the company had raised the range it initially marketed to investors on strong demand and the $36 per share was above that boosted range. pinterest is set to timize its own ipo price during a meeting that begins in about a half an hour or so i am told that one was also in demand from investors and aims to price above the range it had been marketing, as well. combined, those two companies could unleash more than their 2 billion worth of stock into the marketplace and they could represent a nice reset for the tech ipo market as lyft continues to trade above the price, but these two and every ipo comes with embedded risks, of course, especially for retail investors who tend to get a much smaller proportion of the allocation ea allocation even though they seek allocation in pinterest. the trading tomorrow should provide a sense of how investors feel about profit. pinterest posted losses although

they were narrowing while zoom was profitable and both companies were showing top line growth more than doubling year over year. zoom will be listed on the nasdaq under the symbol zm and pinterest will be listed in the nyse under pns >> brian kelly >> that's me >> will it help a little bit >> i think it does help a bit. i think it will be interesting here the fact that zoom traded above or priced above is very good we'll have to see how they both trade because to karen's point we'll get what the market feels like about whether you want to have real earnings or whether you want to have kind of growth in that network effect and so far, lyft has said maybe that's not the best thing and we'll see what happens when pinterest starts trading the next tech unicorn could be around the corner. kasper is a mattress firm that's valued more than a billion dollar and the company has hired underwriters for its very own ipo. when will it jump aboard the ipo

mania. we are joined by philip krim >> no comment on casper ipo and great for zoom and pinterest and we certainly think the ipo market is robust and great to see so much excitement. >> there are a handful of other online, direct to consumer mattress companies how do you differentiate amongst them what if they decide to all go public here? we think casper stand alone and everything we do is about helping our customers sleep better and we think about end to end about sleep and it's about the great mass tress and everything to help you sleep and we helped launch a lighting product that helps you wake up better and sleep better and the market end to end about sleep solutions and we want to be the world's first global sleep brand and we are well on our way to doing that not that you look at companies that are publicly traded, but if you did, which ones are similar

to you and not necessarily being a mattress company, but the idea of what you're trying to create? >> we think we're one of the first of our kind meaning we're a digitally native, with casper.com we opened up 23 retail stores. we have great partners with folks like target and we believe that we will have a business where no matter how consumers want to shop for our products we have great products and great experiences and we think there is not a public company comp that's done that journey >> go ahead, b.k >> you announced a new mattress that has the box springs in it, the metal. when you ship those, does that change the margins on the mattress versus what you were doing in the past? >> yesterday we launched the inner spring technology and foam technology and we launched two different models around that for us, we are still able to compress those mattresses, ship them anywhere in the country and they're really phenomenal products that were in

development over a year in the casper labs from san francisco you can compress it and ship it anywhere and it's super fun to open and they sleep really, really great. >> can we talk about the upsell then and it's a technology company and somebody buys a mattress and are they buying the lighting process and are they buying the pillows and the sheets >> the pillows >> people might hear pillow. >> i have trouble saying like pillow is what i say >> anyway -- >> i forgot my question. hopefully you remember. >> we make great pillows and great sheets and great lighting products and we are seeing higher and higher attachment rates and we are seeing repeat revenue increase dramatically and we're only a 5-year-old company, actually this month and we launched april 2014 and as we get our customers to be more mature we're seeing them come

back time and time again, to buy mattresses and our full suite of products >> i am old fashioned in buying something like a mattress. i'll buy everything else online including food and shampoo, but not a mattress so if i order it and i don't want it, that's a pain in the you know what to return, to send back no >> we changed the way that you would return it. the industry, yes, it's a huge pain, but with us, we call us up and we'll come pick up the mattress you don't have to pack it back up and we donate it locally and we appreciate that you give us a shot we changed wait people shop for the products and we have 23 stores that we've opened we're opening up over a dozen this quarter two this week, in fact and those stores are a great compliment to the online experience and no matter how you want to shop for the products we want to solve that. >> given those embedded costs? >> no pun intended, are you making money on every mattress you sell >> we don't break out profitability, but casper has a

great product and a great business model and by taking it to market both online and off line this it's growing our online business in a very efficient way, so we think this go to market strategy is working well and we're in the early days of scaling it and we can keep building it out for years to come >> phil, a thanks for joining us philip krim, the ceo of krrcasp >> yeah, why not it's better than an air mattress of course, i would do this. >> it's an upgrade to what you have now. >> yeah. you don't sleep on air mattresses >> our futons. >> speaking of unicorn, why in the world, why in the world is guy adami wearing a unicorn onesie a unicorn onesie we'll tell you what that's all about later in the show and trust me, you do not want to miss that. >> the pot stock soaring after hours and we reported that canopy is near bing uya deal with acreage holdings.

much more "fast money" right after this

>> welcome back to "fast money." las vegas sands, shares of the company getting a boost. let's go to contessa brewer at headquarters >> hi, melissa strong quarter for sand across the board. the company gets most of its revenue stream from china and this is the poster child for the eminfueling profits in macau it's want the so-called whales driving the profits and it's the premium mass and mass gambling

segments the comps in 2018 were strong and the smoking ban obviously began this quarter and macro concerns were out there and vip is softening and yet against this backdrop we delivered the best quarter since 2014. >> set a record in mass table there. up 13% over the last year and the company is investing $3.3 billion expanding marina-based sands in singapore and the company is rung 98% occupancy there and thousands of new suites, high-end entertainment and top retail, and attracting affluent tourists who make a premium mass. dan kos wozniak says it's a vip market quarter to quarter results can be lump pep in fact, the l box s president called it volatile

it does not present the best growth opportunities and the company is investing heavily in las vegas. it's launching the spear and that's the sport arena in partnership with msg and one final note, melissa, and sheldon adelson is not on this call and the second that he's missed and he's being troeteated for non-hodgkin's lymphoma and the treatment makes him tired and he's still involved in board and company decisions. >> contessa, thank you >> if you look at this china data and you think it is turning to the upside. >> it's definitely turning and we talked about this wynn was up 105 and we started talking about this, the fact that the chinese were throwing the kitchen sink at the economy and they were probably going to be successful in getting their asset prices back up and that's come to fruition and wynn's had a decent move and las vegas sand his a move and lvs at 19 times and a little more expensive than wynn good quarter and this was an $80

stock a few mocks anths ago, an might offset any problems you miets have in china and if you want to go basically purely u.s. and mgm is the way to play that and that hasn't run as much as las vegas and you want to go that way, as well and the whole space sets up well here. does this fall into the play that if you want to play china, play china >> back to you >> casinos are using discretionary than gambling, but i do like the china aspect of it, but again if i want to invest in the china growth story i would rather invest in china. >> wan pea growcanopy growth anr a deal to buy acreage holdings as soon as tomorrow. we'll bring you the details after this break and the dow stock betting at an all-time high and we'll give you the name

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jumping in the after-hours session and this adds to the flurry of deals and it is weed week and we'll keep the good times rolling and he is not only an heir to the jim beam bourbon fortune and the booming cannabis company and green thumb industries and thank you for being with us. >> what are your thoughts on this deal and this is a great day for the multi-state operators and the argument was that they trading at a discount to the canadian cousins and it limits their options >> yeah. this only reinforces what we've been talking about for so long that the opportunity in cannabis is here in the u.s. and this is where the market is. this is a $50 to $80 billion industry where total market capitalization is still under 15 billion. so it's a really exciting time and the u.s. is where the operators want to be and it's not only canadian operators and it's food and beverage, tobacco,

cpb businesses studdiying the space. >> so basically, they will find a way to get around the restrictions on their business and investing in a federally illegal business is what you're thinking >> everybody is studying it. in order to have success you have to have the cost of capital and we built a business in u.s. in limited across the country where everyone was restricted and the tide is changing and it's quite an exciting time. >> you look at this deal in the space and what it means for you and you see constellation having a stake in canopy and canopy buying a multi-state operator and do you think now that your options in terms of who you might combine with down the road will either be sooner or later has actually widened >> we have to see what the details of this deal are and exactly how it's structured and what it means for shareholders and what it means for business andthe way we look at things i through our lens and what's best for our shareholders and how we create value and i would be

interested to study the details of this. >> have you been approached by canopy. >> we are talking to people in all sectors and the phone rins a lot because there is where the opportunity is >> in terms of where you think it's most promising and they're opening up some sort of legal recreational or medical. for instance, just because new york might legalize recreational and it might not be a market that could be profitable for you? >> we spent a lot of time studying it and built the business five years ago starting in illinois, nevada, massachusetts and pennsylvania, ohio, new jersey, connecticut all of which are studying and figuring out how to legalize tax and regulate and fundamentally in the u.s. cannabis stands in the cross section of the opioid epidemic that is killing people and cannabis offers relief for that and u.s. states that are bankrupt and need revenue and cannabis is an opportunity for

monstrous tax revenue. >> do you think that case is really being borne out in that california, for instance, last year the amount of state tax revenue brought in from cannabis was about a third of what had been projected and that there's actually so much competition from the black market which doesn't have to pay overhead and doesn't pay taxes or anything like that that it's difficult for these businesses to thrive and to generate the tax revenue that states wanted to have >> so california is an anomaly and the oldest and biggest market and if you look at nevada with over 100 million and you're about to see what happens in massachusetts as it takes over and the dollars are very real and we're able to build schools and help communities >> how important is capital at this point capital is difficult to come by for this industry at this point. how important is capital in terms of being able to buy the licenses in the states that open up >> part of you are work is to win the licenses in a competitive process, for example, new jersey had 146 applicants and we finished

second we were able to win a license that's most accretive to shareholders and we're studying the market for licenses and it's an exciting opportunity because we get synergies in acquisition. >> i'm asking this in a broader sense in that this deal will theoretically highlight the value or the discount that multi-state operators were trading at versus canadian companies. >> we went public a year ago on that discount knowing the opportunity is here. i think tomorrow is another step along the way of the u.s. investor starting to could that the opportunity using u.s. msos listed in canada and this is where the opportunity is and i think you see continued interest in the space. >> is your phone ringing as we speak? [ laughter ] >> not yet >> thanks for joining us ben cobler of gti, green thumb industries. >> constellation brands. you get the stock that troughed late last year and earlier this year and it's been off to the

races since. i'm not suggesting it's their investment in the industry and it has something to do with it clearly. to ben's point there are so many industries that will be disrupted and we talked about cosmetics and spirits and beer and it's not going away any time soon. >> yeah, just look at the sector in general i think you get the valuations much higher because this could spark a really big rally all right. by the way, we'll have much more on the big canopy deal tomorrow. i'll be speaking with the ceo of canopy growth bruce linton and kevin murphy, squawk box at 6:50 a.m. we'll have the details of the deal then. coming up, this stock is trading at an all-time high and this dow stud could turn into a dud see what we did there? stud into the a dud? >> we are live at new york city's times square. much more fast money ahead it will never survive the winter. charging stations? good luck finding one of those.

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welcome back to "fast money," a shake-up at j.p. morgan marianne lake will step down and move on to become ceo of consumer lending there's speculation that she could be the successor to jamie dimon. how do you read these moves? >> i read this as this puts her in potentially the pole position for that i think that she's the cfo, but people say, all right, she's had operating experience and this, i think, would really give her

that it also certainly makes one wonder with wells fargo looking for a ceo, did they come knock on her door? that would aren't be shocking to anyone, and j.p. morgan thinks all right, we have to solidify our succession plan each though i don't know how long jamie will be there i think he's fantastic, of course, and at some point jamie will leave and it also makes you wonder, all right. what about gordon smith? very talented and she's, i think, late 40s and she's late 50s and jamie, i think is early 60s. so it wouldn't be shocking to see her being set up to be the next ceo >> yeah. that was -- i always thought -- i thought for a while it would be -- >> and you wonder if tim sloan didn't step down if all of this hadn't been in the works anyway. >> i don't know. >> let's stick with financials and american express shares up 20% and outperforming the rest of the shares and the rally could come to an end and mike ko

is here with the options action. hi, mike >> the options market is implying about a 3% move for american express and that's about in line with what it's averaged over the past eight quarters and when i looked at the options activity around an hour and a half before the market closed and it had traded two and a half times the average daily volume by the time the market closed and therefore trading quite a lot as the closing bell approached and most of that activity was concentrated in the 111 and 107 puts that expire tomorrow and the reason for that was that it was actually purchases of the 111, 107 put spread including a block of a thousand of those trading for 113. and that's representing 1% of the current stock price and it will fall as low as 107 after they report tomorrow >> thanks for that, mike >> we are off this friday, but options action is up next, and

wonder why guy adami iwang this unicorn onesie? it's not just what he wears around the house we'll tell you after this. i don't know what's going on. i've done all sorts of research, read earnings reports, looked at chart patterns. i've even built my own historic trading model. and you're still not sure if you want to make the trade? exactly. sounds like a case of analysis paralysis. is there a cure? td ameritrade's trade desk. they can help gut check your strategies and answer all your toughest questions. sounds perfect. see, your stress level was here and i got you down to here, i've done my job. call for a strategy gut check with td ameritrade. ♪

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oh, sir. that was my grandma's. don't worry, ma'am. all of your stuff is in ok hands. just ok? they don't give two and a half stars to just anybody. here you go. what's this? it's your piano. hold this for a sec! we don't have a piano. no. but the neighbors do. just ok is not ok. especially when it comes to you network. at&t is america's best wireless network according to america's biggest test. now with 5g evolution. the first step to 5g. more for your thing. that's our thing. >> welcome back to fast money. we have some breaking snooze for you. earlier we spoke to the ceo of casper, and guy adami did undercover work to test out the latet casper mattress. ♪ ♪

>> mel, we've been talking about ipos for the last month, it seem, and the buzz word has been unicorns, but as it turns out some unicorns come in a box. we're going to find out if the casper mattress is what dreams are made of or if it's a nightmare in the making. let's go ♪ ♪ ♪ >> all right enough goofing around. >> that was incredibly easy. >> delivery set up and all that's left is to get the bed made and put on my pajamas don't judge, but i'm comfortable. now it's time to test this out let's get some rest. ♪ ♪ >> lights out.

♪ ♪ >> i don't even know where to begin. once again, you've been kicked out of the room. >> right >> and relegated to my daughter's room. fantastic though, wasn't it? isn't that amazing of all of the ridiculous things i've done over the years, that's the most ridiculous by far, but this is when it's too light out and you just nut and --? i like the eyelashes on there. >> you should go public. you're a unicorn final trade time brian kelly. >> oh, for me? tlt, be defensive in this market >> dan suzuki. >> health care, profits are slowing and a good time to own it's cheap and the best long-term performing sectors out there. >> karen finerman. >> what he said and with more specificity. anthem calls >> unicorn guy >> i have to thank -- the crack staff, kelly came to the house and she brought doughnuts and

bagels and the whole thing a lot of fun wynn resorts >> yes, one more thing kate and william happy birthday my twins are now big twins >> happy birthday. >> that does it for us and see yo my mission is simple to make you money. i'm here to level the playing field for all investors. there is always a bull market somewhere. and i promise to help you find it "mad money" starts now hey, i'm cramer. welcome into "mad money. welcome to cramerica i don't want to make friends just make you money. my job is to educate and teach you and put into context so call me at 800-743-cnbc or tweet me at jim cramer. if you want to get an honest read on the economy, forget the government data from the commerce department or the federal reserve. instead you need to look at th