As the first week in 2018 comes to close, it seems the major Cannabis stocks aren’t doing as well as anticipated. Marijuana stocks hit a valiant stride towards the end Q4 of last year, as California announced that it would be legalizing recreational marijuana on the first day of the New Year. The cannabis industry took a big hit yesterday, however, as the U.S Attorney General, Jeff Sessions, announced that he would be retracting the Obama-era Cole Memo, which resulted in a major stock selloff. The Cole memo gives power to each individual state for its decision on if it wants to legalize marijuana or not, and the companies do not have to fear federal prosecution for trafficking.
Let’s got into further detail as to how some of the cannabis stocks did this week.
General Cannabis Corp.
• 01/02/2018: closed at $8.15; up $1.67, 25.77% from the previous close of $6.48; high of $8.25.
• 01/03/2018: closed at $10.35; up $2.20, 26.99% from the previous close of $8.15; high of $10.45; market cap 266.322 million.
• 01/04/2018: closed at $7.70; down $2.65, or 25.02%, from the previous close of $10.35; high of $9.99, low of $6.18; market cap 199.677 million.
• 01/05/2018: closed at $8.06; up $.30, or 3.87% from the previous close of $7.76; high of $8.22; market cap 207.397 million.
General Cannabis Corp. out of Denver, Co, had a great start to the week but hit a snag on Thursday, as the announcement rolled out. It seems to have corrected itself and closed the day, up 3.78%.
GrowLife Inc.
• 01/02/2018: closed at $0.037; up $0.004, 12.4% from the previous close of $0.033; high of $0.0379
• 01/03/2018: closed at $0.03804; up $0.00104, 2.81081% from the previous close of $0.03700; high of $0.046; market cap 82.218 million; still up but growth has slowed
• 01/04/2018: closed at $0.0208; down $0.0172, 45.3207% from the previous close of $0.0380; high of $0.0420, low of $0.0190; market cap 44.956 million
• 01/05/2018: closed at $0.02345; up $0.00265, 12.74% from the previous close of $0.02080; high of $12.26; market cap 50.584 million.
GrowLife Inc. was a top trader today on the OTC, according to Investors Hub with 3453 trades. The Washington state based company seems to have slightly corrected from it’s Thursday drop of almost 50%.
Nutritional High International Inc. (CNSX:EAT)
• 01/02/2018: closed at $0.6874; down $0.0072, 1.0366% from the previous close of $0.6946; high of $0.7281, low of $0.66
• 01/03/2018: closed at $0.65; down $0.04, 5.44% from the previous close of $0.69; high of $0.73, low of $0.62; market cap 163.28 million; still not doing well
• 01/04/2018: closed at $0.54; down $0.11, 16.92% from the previous close of $0.65; high of $0.62, low of $0.32; market cap 135.648 million
• 01/05/2018: closed at $.56; up $0.0242, 4.48% from the previous close of $0.54; $0.581; market cao 141.727 million.
This Toronto based stock was ranked #7 on CSE top traders today, with 2997. Despite most of the week hitting lows, Nutritional High International ended the day up 4%. The stock had a surge in late December it seems, the legislation down south has not affected it at all.
Namaste Technologies Inc. (CNSX:N)
• 01/02/2018: closed at $2.79; up $0.44, 18.55% from the previous close of $2.35; high of $2.99
• 01/03/2018: closed at $2.674; down $0.116, 4.158% from the previous close of $2.790; high of $2.990, low of $2.620; market cap 625.352 million; it’s turned to down
• 01/04/2018: closed at $2.5226; down $0.1514, 5.6619% from the previous close of $2.6740; high of $2.64, low of $2.33; market cap 589.945 million
• 01/05/2018: closed at $$2.60; up $0.08, 3.07% from the previous close of $2.52; high of $2.61; market cap 608.046M
Namaste Technology, based out of Toronto, ranked #4 on CSE top traders, with 3715 trades today. Canadian cannabis stocks seem to have benefited from the U.S’s legislation, as it dropped over 9% mid-week but is back up 3% at close.
Cannabis Wheaton Income Corp. (TSXV:CBW)
• 01/02/2018: closed at $1.7196; up $0.3496, 25.5182% from the previous close of $1.37; high of $1.72 (on OTC market); did better on TSX market, closing at $2.14, which still puts it up 25% from its previous close
• 01/03/2018: closed at $2.20; up $0.48, 27.94% from the previous close of $1.72; high of $2.22; market cap 594.955 million.
• 01/04/2018: closed at $2.04; down $0.16, 7.27% from the previous close of $2.20; high of $2.38, low of $1.80; market cap 551.685 million.
• 01/05/2018: closed $2.06, up $0.02, 0.98% from the previous close of $2.04; high of $2.20; marketp cap 557.094 million.
This Canadian cannabis stock had appreciated over 190% in 30 days, since the announcement mid-December that Canada would legalize marijuana mid-2018. The stock continues to climb, despite its 7% drop, from yesterday.
MYM Nutraceuticals Inc.
• 01/02/2018: closed at $3.19; up $0.48, 17.89% from the previous close of $2.71; high of $3.21.
• 01/03/2018: closed at $3.16; down $0.03, 0.94% from the previous close of $3.19; high of $3.60, low of $3.08; market cap 307.186 million.
• 01/04/2018: closed at $3.0261; down $0.1339, 4.2373% from the previous close of $3.16; high of $3.09, low of $2.75; market cap 294.17 million.
• 01/05/2018: closed at $3.32; up $0.29, 9.71% from the previous close $3.03; high of $3.39; market cap 322.74 million.
Vancouver, Canada based MYM ranked #13 on CSE top traders today and put out a press release today that it just acquired Budly, which is known as the “Uber of cannabis.” It seems this news, sparked investors as the stock nearly rose 10% today, at close.
Golden Leaf Holdings Ltd. (CNSX:GLH)
• 01/02/2018: closed at $0.3459; up $0.0449 from the previous close of $0.3010; high of $0.3459
• 01/03/2018: closed at $0.4387; up $0.0928, 26.8286% from the previous close of $0.3459; high of $0.4408; market cap 187.596 million; going strong, even better
• 01/04/2018: closed at $0.3802; down $0.0585, 13.3349% from the previous close of $0.4387; high of $0.5805, low of $0.3585; market cap 171.247 million
• 01/05/2018: closed at $0.3969; up $0.0167, 4.39% from the previous close of $0.3802; high of $0.4015; market cap 178.769 million.
Portland, Oregon based Golden Leaf, was a top trader on the CSE, with 4223 trades according to Investors Hub. Back on Tuesday of this week, the company announced that it closed in its acquisition of Medical Marijuana Group Consulting Ltd, which shot its stock up 26% on Wednesday. Despite, the low the following day from the Attorney General announcement, Golden Leaf rebounded and closed the week up 4%.
The Takeaway
Despite a rather rocky week for cannabis stocks, the top seven just listed closed the week in the green. The legalization of recreational marijuana in California will continue to drive demand up as the state of California is the largest state by population in the United States. Thus, I predict cannabis stocks to remain strong in the early parts of the new year. It seems that the Canadian cannabis stocks have been mostly unaffected by the new legislation down south and will continue to rise as it country prepares for national legalization, mid-year.
Featured Image: shijingsjgem via Pixabay
