The hype surrounding the cryptocurrency market might be slowing down, but it is only just beginning for the cannabis market. It all started on Wednesday, the first day of trading since the holiday break, but it continued on Thursday with various cannabis producers witnessing massive stock prices gains.
On Wednesday, companies such as Golden Leaf Holdings (CNSX:GLH) (OTC:GLDFF) and Nutritional High International (CNSX:EAT) were soaring, and on Thursday, GrowLife Experiences (OTC:PHOT) surged 20%, and as of 3:35 p.m. EST, MedReleaf Corp. (TSE:LEAF) (OTC:MEDFF) is up almost 20% as well.
Headquartered in Markham, Ontario, it is not entirely surprising to hear that MedReleaf Corp. is one of the latest cannabis stocks to grabbed investors attention. Why? Because the Canadian cannabis producer has had an extremely positive month, from announcing that it won 10 awards at the 2017 Canadian Cannabis Awards to announcing that finalized its offering on a $100.5 million “bought deal.”
As an R&D-driven company, MedReleaf Corp. focuses primarily on research, innovation and patient care. We all know, by now, that cannabis can be used for number of medical purposes, but people still tend to be wary of where the supply comes from, which is where MedReleaf Corp. comes in: the company focuses on delivering products to users who are looking for not only effective medical cannabis but also safe products.
The latest news to come from the company was announced on December 21, just days before Christmas, in which MedReleaf Corp. disclosed that it has officially become a medical marijuana supplier to Shoppers Drug Mart (TSE: SC).
Considering the news is still relatively fresh in investors minds, and Shoppers Drug Mart is one of the largest retail pharmacy chains in Canada, this could explain why, as of this writing, MedReleaf Corp is trading at $16.00, which puts the stock up $2.48, or 18.33%.
I’ve said it before, and I will say it again: the cannabis sector might be on the verge of taking 2018 by storm. We are getting closer to cannabis being legalized, and when it is, more and more distributors and producers are going to team up so that there is never a lack of supply in the marketplace.
If you are getting over your cryptocurrency fever and are looking for something new to add to your investment portfolio, why not consider the cannabis sector? All the signs are leading to the fact that Canadian medical cannabis sector is preparing to go global. As CEO of Canopy Growth Corp. (TSE:WEED) Bruce Linton said: “If you pick a theme for 2018 it will be the globalization of medical cannabis.”
Featured Image: rexmedlen via Pixabay