There is quite a bit going on in the market today, with KeyBanc Capital Markets forecasting that Elon Musk’s auto manufacturing company Tesla, Inc. (NASDAQ:TSLA) will report disappointing financial results for its Model 3 vehicle, and that analyst Nick Colas believes that digital currency Bitcoin will witness another four price crashes next year.
With that being said, there is some positive news happening in the market Wednesday. Most notably, cannabis stocks seem to be on the rise. As of this writing, Cannabis Wheaton Income Corp. (CVE:CBW) is up more than 20%, while Medical Marijuana Inc. (OTCMKTS:MJNA) is up almost 10%.
Cannabis Wheaton: What Happened?
Headquartered in Vancouver, Canada, Cannabis Wheaton Income Corp. has had a busy couple of weeks, all of which has affected the company in a positive manner, and probably played a big part in Wednesday’s surge.
For starters, last week, Cannabis Wheaton, which casts itself as a company that looks to provide financial solutions to partners in order to expand or build their facilities, announced a brand new joint venture, disclosing that it has entered into a letter of intent with licensed producer partner FV Pharma Inc. (OTCMKTS:FVPI) Essentially, the two organizations will work together to create the largest indoor marijuana facility in the world.
Further, just one day after the Canadian company disclosed the joint venture with FV Pharma, Cannabis Wheaton also disclosed that it had signed a definitive agreement with CannTx Life Sciences Inc., which, for those who don’t know, is Cannabis Wheaton’s streaming partner.
Medical Marijuana Inc: What Happened?
Interestingly, Medical Marijuana Inc., which is an investment holding company that focuses primarily on operating in the medical cannabis market, is in the midst of a comeback after it suffered a horrible couple of months. There were a number of firms that were quite critical of Medical Marijuana Inc. for the majority of 2017 until October rolled around and things started to look up for the Poway, California-based company.
I’m not entirely surprised to see shares of Medical Marijuana Inc. trading higher today, considering December has been a very positive month for the company, and I think investors are starting to realize that this is a train they might want to be on as we ride into the new year.
First of all, it was announced at the start of the month that Medical Marijuana Inc. has expanded its Kannaway subsidiary business into the European market. Not long after that, Medical Marijuana Inc., which happens to be the very first publicly traded marijuana company in the United States, disclosed that its HempMeds subsidiary will exhibit at The American Academy of Anti-Aging Medicine, which took place last week.
Last but not least, the company announced last week that its VP of Operations is moving up the ladder and has been promoted to COO.
If you are thinking about getting into investing in 2018 but are unsure of what stocks to invest in, you might want to consider adding these two cannabis stocks to your investment portfolio, as right now it doesn’t seem like either company is going to slow down its stride anytime soon.
That being said, keep in mind that a stock can fall just as fast as it can rise. The market is a volatile environment, but that’s what makes it interesting, right? Every day is different.
Featured Image: twitter