The Supreme Cannabis Company Inc (TSXV:FIRE) shares are trading higher today and at the time of reporting are at $2.62 CAD a share, up 10.08% for the day. The U.S markets are closed, as they observe Martin Luther King, Jr. today and it remains unknown how the stock would have performed, had the markets been open.
Two weeks ago, U.S Attorney General, Jeff Sessions, made an announcement that he would crack down on cannabis sales within the states where they are deemed legal but Arizona medical cannabis users might not have to worry.
There is a provision in the federal budget that was first adopted in 2017 that prevents Sessions’ agency from targeting cannabis patients. It also protects actions against those providers in the states where medical cannabis is legal. Although this protection expires in four days, it is highly unlikely this will be added and revoked in the new spending bill.
Since this announcement by the AG, cannabis shares have taken a major beating. However, the demand still continues to rise for quality cannabis products. The cannabis market is set to grow nearly 45% this year as per reports by Marijuana Business Daily. These numbers look even better within Canada, as they are set to roll out nationwide legal recreational cannabis in the beginning of July. The retail cannabis market in Canada could potentially amount to $4.9 to $8.7 billion in this year alone.
This has created a major race for many small cannabis companies to create more products right away.
Other Cannabis stocks that are doing extremely well today on the Canadian exchanges include:
Cannabis Wheaton Income Corp (TSXV:CBW) shares are selling at $2.48 a share, up 22.17% at the time of reporting.
Namaste Technologies Inc (CSE:N) shares are up 9.80% for the day, selling at $2.87 a share.
It seems the Attorney General’s scare tactics have only slightly affected the cannabis industry, as many small-cap cannabis stocks continue to rise.
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