CBD stocks are receiving major attention in 2019. Just before Christmas, President Trump signed the 2018 Farm Bill, legalizing industrial hemp in the US. Now cannabis companies are shifting their sights on the emerging North American hemp industry. Marijuana stocks have had quite a run in 2019 so far, and there are a few hemp and CBD stocks that are following suit.
Today, we'll take a closer look at a few top CBD stocks trending this week. If you've been looking to add a few of these stocks to your portfolio, you may want to add these to your watchlist!
MediPharm Labs Corp. (TSXV:LABS) (OTCQB:MLCPF)
MediPharm Labs is based out of Barrie, Ontario and produces pharmaceutical-grade cannabis oils and concentrates. The CBD stock has seen over 33% growth in its stock this week in the US and Canada. Two days ago, MediPharm announced that it entered into a significant sales agreement. The company will supply a leading licensed producer with around $35 million in private label purified cannabis oil.
“As the cannabis industry continues to rapidly grow and evolve, MediPharm Labs has quickly established itself as a dominant player and leading provider of private label cannabis oil concentrates to other Licensed Producers and branded product manufacturers. We have also demonstrated the permanent need for a specialized extraction provider to fulfill and secure the cannabis supply chain for medical and recreational consumers,” said Pat McCutcheon, CEO of MediPharm Labs.
At the time of writing, the CBD stock is trading at $2.65 a share on the TSXV, up +$0.18 (+7.29%). On the OTC, MLCPF is trading at $1.98 a share, up +$0.09 (+5.13%).
CV Sciences, Inc. (OTCQB:CVSI)
CV Sciences is a life sciences company that develops and commercializes synthetic CBD. In addition, the company develops, manufactures, and sells plant-based CBD products. CV Sciences is located in Las Vegas, Nevada.
The company hasn't released any news as of this week. On Monday, the CBD stock began to dip, but as the week has progressed, CVSI continues to climb. Last month, the company announced a leadership restructuring, which could be a positive step for CV Sciences, especially with the expansion of CBD and hemp in the US.
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From its low this week, CVSI has rebounded 9%. At the time of writing, the CBD stock is trading at $4.93 a share, up +$0.06 (+1.23%).
Other CBD Stocks to Watch
GW Pharmaceuticals Plc (NASDAQ:GWPH) is currently trading at $150.47 a share, up +$0.25 (+0.17%). The stock has rebounded 3% this week.
Canopy Growth Corporation (TSX:WEED) (NYSE:CGC) is releasing its earnings at the bell this afternoon. The cannabis stock is currently trading red but is up 7% on the NYSE and up nearly 7% on the TSX. If the company's earnings are positive, the stock could continue to rise moving into the weekend.
Featured Image: DepositPhotos © Fotofabrika
