Cannabis Stock Watch: The cannabis market has been heating up for some time now, but this year has seen some surprising stock performances. Here are some major cannabis brands and how they currently fare in the market.
Cannabis Stock Watch: Canopy Growth Corp
It hasn’t been a good week for Canopy Growth Corp (NYSE:CGC) as the company started the week down around one percent on Monday and then a further 1.5% on Tuesday morning.
Currently, the stock is selling at $29.12 and is still hovering around a 1.5% drop.
June has been a tough month across the board for cannabis stocks, despite an on-going discussion across the globe for legalization (Oklahoma recently passed its ballot to legalize medical cannabis) and demand is and will be growing as more and more states vote in the US to legalize the drug.
Long-term holders of CGC stock needn’t worry — a percentage here and there won’t make much difference as the market may be set to explode come Oct 17 when recreational cannabis is officially legal across Canada.
The second half of 2018 will show the true performance of this stock. So a quiet month here and there beforehand is almost expected.
Cronos Group Inc (NASDAQ:CRON) has had a successful few months and this morning saw it reach this months peak of $7.17. It has since dropped back down to $6.98 but is still on an upward trajectory again.
The company has been one of the best performers — up about 12% from a month ago and outperforming industry averages over the summer months. In comparison, other major competitors gained only around 3% in the same period of time as Cronos’s 12%.
Back in January, Aphria (OTCMKTS:APHQF, TSE:APH) stock was worth $18.10. Since February though, it began a steady decline and has spent the last few months wrestling somewhere between the $8 and $10 regions. It’s hard to predict exactly if Aphria will see the prices it had at the beginning of the year again as it simply has been underperforming in 2018.
However, when looking at the last few days the stock has seen some strong gains. Aphria stock has climbed about two percent in past four days. And while this is somewhat a comeback, I wouldn’t be surprised if it gives those gains back rather swiftly as it has tended to do recently.
The trend has remained too stagnant to be excited for Aphria stock just yet. Again though, the latter half of 2018, is when we might really see this stock’s potential.
Featured Image: DepositPhotos/zhudifeng