Making a break for it in the hot pot stocks category is Choom Holdings Inc. (CSE:CHOO) (OTCQB:CHOOF), up +77% in the last 30 days on the CSE.
Why has this stock catapulted all of a sudden? Let’s find out!
Hot Pot Stocks Today: Choom Holdings
Choom Holdings isn’t necessarily ‘new’ to the Canadian cannabis market. The company was formerly Standard Graphite Corporation and changed its name and direction in November of 2017.
When the company entered the cannabis space, it hit the ground running with numerous acquisitions and agreements. Choom received a $27 million private placement investment in June of 2018 from Aurora Cannabis (TSX:ACB) (NYSE:ACB) to jump-start its movement, which helped Choom achieve “a number of its strategic growth initiatives.” The pot stock gained serious momentum in 2018, but its shares began to fizzle as 2018 came to a close.
Now, Choom has become one of the hottest pot stocks in March. As February came to a close, most of the stocks in industry cooled off after a sizzling January. Moving into March, pot stocks continued to correct, but Choom saw significant share momentum. Now, the stock is up +77% in the last 30 days, most of which happened in the last two weeks.
Investors Impressed with Choom Holdings
Choom released an update on its retail development strategy earlier in March, and that got investor attention. Its stock saw a slight rise, but after the March 12th announcement, the stock really took off and rose +20% in a day. Choom released news that it had entered into the US cannabis market with an investment and acquisition in New Jersey.
Today, this hot pot stock is up +18% after another Market Executive released a news release regarding Aurora’s investment of Choom back in June, sparking further investor interest.
At the time of writing, CHOO is trading at $0.82 a share on the CSE, up +$0.13 (+18.84%). On the OTCQB, the pot stock is trading at $0.61 a share, up +$0.10 (+20.37%).
Featured Image: Pixabay