There have been, for the most part, three topics that have constantly made headlines both last year and in 2018: President Trump, the cryptocurrency industry, more specifically Bitcoin, and finally, the cannabis stocks.
What’s interesting about the stock market is that every day is different, every day something new happens that causes stocks to rise or fall. A stock could be soaring over 100% one day, and then plunge 50% the following day. The cannabis industry seems to experience this volatility quite a bit.
There were a lot of people, including myself, that forecasted that the cannabis industry was going to excel in 2018, but the industry seems to be taking a different route. While it’s true that you can’t win them all, Jeff Sessions, US Attorney General, announcing that he was going to retract an Obama-era policy involving cannabis on January 4 definitely didn’t help the sector's case.
That being said, there are still a few cannabis stocks that are doing relatively well, such as Global Cannabis Applications Corp (CNSX:APP), which is trading up more than 10% today. However, that’s not what we’re going to focus on today; we are going to look at three cannabis stocks in particular that are dropping on the CNSX.
Cannabis Stocks Dropping on the CNSX
- Golden Leaf Holdings (CNSX:GLH) (OTCMKTS:GLDFF):
As of this writing, Golden Leaf Holdings, which is based in Toronto, Canada, is trading at $0.44, which puts the stock down $0.03, or 7.37%.
It’s surprising to me that the stock is falling today, and also plunged yesterday, as it hit a new 52-week high on January 4, announced a $7.5B bought deal financing on January 8, and announced yesterday that it has selected Vancouver-based Jackson & Company Chartered Professional Accountants to be its new independent auditor.
- Nutritional High International Inc. (CNSX:EAT) (OTCMKTS:SPLIF):
Currently, Toronto-based Nutritional High International is trading at $0.52, putting the stock down $0.08, or 13.33%.
Again, this is surprising considering the company did not release any information today that would explain the more than 10% drop. In fact, if anything, the company has been releasing only positive news lately, starting with yesterday in which it informed the public of a private placement of $10M of convertible debenture units.
- Global Hemp Group (CNSX:GHG) (OTCMKTS:GBHPF):
Global Hemp is currently trading at $0.24, which puts the stock down $0.04, or 16.07%, making it the worst stock on this list.
Similar to the two companies mentioned above, Global Hemp has had a relatively positive couple of weeks, from hitting a new 52-week high on December 29 to announcing results from the first phase of its ongoing industrial hemp project with Marijuana Company of America, Inc. (OTCMKTS:MCOA), which also happens to be declining today, with the stock down 7.10%.
Featured Image: twitter
