The trading day isn’t over yet, but Thursday has already been a fairly active session on the CNSX, with a number of healthcare and technology stocks trading higher. That being said, not every company or industry has witnessed positive activity on the CNSX exchange. Most notably, there are three cannabis stocks in particular that have dropped significantly today, despite the sector having a positive run-up to 2018.
CannaRoyalty Corp. (CNSX:CRZ)(OTCMKTS:CNNRF)
Similar to the other two companies on this list, it’s a little unusual that CannaRoyalty Corp. declined so significantly Thursday, considering the Ottawa-based company has not only a busy couple of weeks but it has also reported a number of positive announcements to the public.
What do I mean? Well, for starters, on Tuesday, the first trading day of the new year, shares of CannaRoyalty soared, ending the day at $4.72, or up 25.6%. Further, on December 27, the Canadian cannabis company, which provides the public with an understanding of the cannabis sector, disclosed that it had added two new members to its Board of Directors, and then two days later announced that it was the recipient of options grants as well as RSU awards.
However, none of this seemed to have mattered too much considering CannaRoyalty Corp., as of writing, is trading at $4.29, which puts the stock down $0.76, or 15.05%.
Wildflower Marijuana (CNSX:SUN) (OTCMKTS:WLDFF)
Based in the beautiful city of Vancouver, Canada, Wildflower Marijuana is another cannabis stock that dropped on the CNSX exchange Thursday. This drop comes despite announcing on December 13 that it had officially, and successfully, rolled out its products onto not one but two online partner websites. The Canadian company, which focuses primarily on creating cannabis products, also announced on December 14 that it had finalized its $600,000 request with a distributor in California.
Regardless, and perhaps this reflects the direction Wildflower is heading in 2018, the stock is currently trading at $2.19, which puts the stock down $0.56, or 20.36%
Cannabix Technology (CNSX:BLO) (OTCMKTS:BLOZF)
Currently developing marijuana breathalyzers for various law enforcement fields, similar to alcohol breathalyzers, Cannabix demonstrates various similarities to Cannaroyalty and Wildflower. Why? Because it was only last month that the company reported good news: the Burnaby-based company finalized its $4.6M bought deal private placement.
While this stock has not dropped as much as the ones previously mentioned, Cannabix Technology, which is based in Burnaby, Canada, is still trading at $3.22, which puts the stock down $0.32, or 9.04%.
The Takeaway
It’s true that these three stocks have experienced a significant decline today on the market, but let’s not jump to any conclusions. Personally, I still believe the Canadian cannabis industry is going to rule, for the most part, in 2018, and I think that this just might be a minor setback in taking over the market fully.
Don’t hold me to that though - it is crucial that any potential investor remembers that a stock can either increase as fast as it decreased, or vice-versa, or it might simply just keep declining.
Featured Image: twitter
