Biotech Cannabis Stocks: Now that the world is becoming more accepting of cannabis use, everyone, from young adults to the elderly, should know all there is to know about the cannabis industry. Why? Because there's so much more to it than just selling pot.
For instance, the cannabis biotech sector is crucial. Again, why? Because it researches and develops new drugs that utilize active compounds in cannabis.
So, if the cannabis biotech sector is important, how are the main biotech cannabis stocks doing this week? Let's see what we can find out!
Biotech Cannabis Stocks: June 26th, 2018
There are two popular biotech cannabis stocks trading in the green today. First, we have Cara Therapeutics. Then, there is Zynerba Pharmaceuticals Inc.
1. Cara Therapeutics (NASDAQ:CARA):
Based in Stamford, Connecticut, Cara Therapeutics is considered to be an emerging biotech company. Cara Therapeutics focuses primarily on developing treatments for those dealing with pain and inflammation.
The company hasn't released any recent news, but the stock is trading up close to 5%. According to Google Finance, at 1:33 p.m. EDT, Cara Therapeutics was trading at $16.43 on the Nasdaq Exchange. This means the stock was up 3.63% at the time.
2. Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE)
Headquartered in Devon, Pennsylvania, Zynerba Pharmaceuticals was founded in 2007 and is known primarily for developing pharmaceutically-produced cannabinoid treatments.
Similar to Cara Therapeutics, Zynera Pharmaceuticals did not announce anything today - and yet, the stock is up nearly 5%. Is this an indication of how optimistic investors are about biotech cannabis stocks?
At 1:50 p.m. EDT, Zynerba Pharmaceuticals was trading at $10.91, reports Google Finance. This means the stock was up 4.00% at the time.
The Takeaway
Sure, not all biotech cannabis stocks are soaring, and some have even found themselves deep in the red zone today (i.e., InMed Pharmaceuticals [TSX:IN]) but it's important that we remember that the cannabis industry is vast.
As a whole, the cannabis industry has multiple divisions, with each offering up something different. So, as we move towards legalization in more countries, it's essential that we remember this.
Do you agree?
>> Will Oklahoma Legalize Medical Cannabis Today?
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