Looks like it’s going to be a good week for the Canadian cannabis market. Yesterday, cannabis stocks were doing relatively well on the market, and today doesn’t appear to be much different.
The Latest in the Canadian Cannabis Market
For today’s cannabis watch, we are going to be taking a look at 3 stocks that are currently making waves in the Canadian cannabis market. To start, we will look at InMed Pharmaceuticals, which is trading up more than 20%. This article will then end by looking at Golden Leaf Holdings and Namaste Technologies.
- InMed Pharmaceuticals (CNSX:IN)
Based in the province of British Columbia, InMed Pharmaceuticals is a pre-clinical stage biopharmaceutical company. Under the leadership of CEO Eric Adams, InMed Pharmaceuticals focuses primarily on developing cannabinoid-based therapies. The company currently has a market capitalization of 236.35 million.
Currently, InMed is trading at $1.80. This puts the stock up $0.33 or 22.45% on the Canadian Securities Exchange. The stock opened the trading day at $1.56 and at one point during the session reached a high of $1.85. It has received 2,979 stock trades already.
So, what caused the more than 20% surge? Well, despite trading high yesterday, I’m sure most of today's stock growth is a result of the announcement InMed made earlier. The Vancouver-based company disclosed today that has had a peer-reviewed article published in Drug Delivery and Translational Research. This is significant news as receiving acceptance from a peer-reviewed journal increases the company’s level of credibility.
- Golden Leaf Holdings (CNSX:GLH)
This Toronto-based company is known primarily for producing and distributing cannabis oil and cannabis flower products. Golden Leaf Holdings targets the adult-use regulated market. The company has a market cap of less than 2 billion.
Despite not announcing anything today, Golden Leaf Holdings is still seeing green. Currently, Golden Leaf is trading at $0.31, which puts the stock up $0.01, or 3.33%. The company has received 433 stock trades already. Sure it might not be an increase of more than 20% like InMed Pharmaceuticals, but hey, investors will take what they can get, right?
- Namaste Technologies (CNSX:N)
Last but not least, we can see Namaste Technologies trading up more than 5%. This is another Vancouver-based company, and Namaste Technologies is recognized as a global leader in delivery systems for medical cannabis. The company has been relatively active over the past week, from announcing its new board of director nominees on March 1 to disclosing that its wholly owned subsidiary has submitted its Affirmation of Readiness and video evidence package to Health Canada on March 5.
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As a result, I’m not surprised to see the stock trading up today, even if it’s just an increase of more than 5%. Currently, Namaste Technologies is trading at $1.86 on the Canadian Securities Exchange. This puts the stock up $0.09, or 5.08%. The stock opened the day at $1.83 and has received 808 stock trades already.
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