Cannabis stocks are trading up and down today on both US and Canadian markets. Yesterday, most major cannabis stocks saw growth on the TSX, while the US stock market was closed. Today, we'll take a look at a pair of cannabis stocks, CannTrust Holdings, and Cronos Group, that are seeing exponential growth on the TSX and US markets.
Why are they rising above the rest? Let's find out!
CannTrust Holdings Inc. (TSX:TRST) (OTC:CNTTF)
CannTrust Holdings Inc. produces and sells pharmaceutical grade medicinal cannabis in Canada. The company sells dried and oil extraction-based cannabis products to clients based on the medication document provided by the health care practitioner. CannTrust was incorporated back in 2015 and is headquartered in Vaughan, Canada.
Today, TRST is among the top trading cannabis stocks on the TSX and OTC. The reason for its growth most likely comes from the announcement the company made this morning. A few hours ago, CannTrust announced it has obtained the permit to proceed with its Phase III expansion for its facility in the Town of Pelham.
Peter Aceto, CEO of CannTrust, said:
"The demand for our medical and recreational products continues to be well in excess of supply and we are keen to move ahead with the Phase III expansion and meet our capacity targets. We also continue to evaluate several strategic alternatives to meet and increase our initial production capacity goals [...] Our active patient count continues to increase, and the recreational market is currently undersupplied. We intend to make every effort to serve these markets with our award-winning products."
According to Yahoo Finance, the cannabis stock is trading at $9.44 a share on the TSX, up +$0.47 (+5.24%). On the OTC, CannTrust stock is trading at $7.10 a share, up +$0.89 (+14.26%).
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Cronos Group Inc. (TSX:CRON) (NASDAQ:CRON)
Cronos Group saw explosive growth in its shares on Friday, after the company made an announcement about its annual shareholders' meeting. Today, it seems that the same momentum from late last week is pushing the cannabis company's shares up higher.
Cronos was a former pharmaceutical investment company that switched over to investing in cannabis companies. Last month, the company received a sizeable investment from a major player in the tobacco space—making it a contender among all the big names in cannabis. This upcoming shareholder meeting will go over this investment and what Cronos Group has planned for the year.
Today, the cannabis stock is among the top trading stocks on the TSX. According to Yahoo Finance, CRON is trading on the TSX at $20.90 a share, up +$0.31 (+1.51%). On NASDAQ, CRON is trading at $15.58 a share, up +$0.68 (+4.55%).
In the last few days, the cannabis stock is up almost 15% on both markets.
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