Hemp stocks have become hot in the cannabis market this year. This is due to President Trump legalizing the use and production of hemp just before Christmas with the 2018 Farm Bill, as well as Canada looking to legalize edibles sometime in late-2019.
So, who were the top hemp stocks in February?
GW Pharmaceuticals Plc (NASDAQ:GWPH) and AgraFlora Organics Intl (CSE:AGRA) (OTC:PUFXF) were the top trading hemp stocks in February. Today, we'll take a closer look at why that is and what each company's projected trajectory is moving into March.
AgraFlora Organics Up +27%
AgraFlora Organics saw the most percentage gains out of all the hemp stocks on the market this month. The Vancouver-based cannabis company's shares didn't start rising until early this week. The last corporate update AgraFlora released before the spike came February 4th. At that time, the company announced it was moving forward with its hemp-based coffee creamer.
AGRA began to spike on February 26th, the same time an article was released on Seeking Alpha about why investors should buy AgraFlora, naming it an undervalued stock. It isn't completely clear if this is the cause for its spike, but it's the only thing that was released about the company at the time. Yesterday, the hemp stock released a formal corporate update detailing its important milestones for the last four months.
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According to Yahoo Finance, AGRA is trading at $0.40 a share, up +$0.02 (+5.26%) today. The hemp stock rose +27% in the month of February and has a lot of potential for growth in March due to its late spurt.
GW Pharmaceuticals Brings in $6.7 Million in Q4
GW Pharmaceuticals is a larger company among the hemp stocks listed in this group. The UK-based cannabis pharmaceutical company had a very similar month to AgraFlora. GW's stock didn't rise until early this week when it released its Q2 2019 earnings. After the earnings report was released, the hemp stock jumped up nearly +15%.
GW Pharmaceuticals brought in $6.7 million in revenue, compared to the $4.0 million brought in from the quarter ended December 31st, 2017. The cannabis company elaborated in detail on all its operation highlights of the quarter, which must have impressed investors.
According to Yahoo Finance, GWPH is currently trading at $173.50 a share on the NASDAQ, up +$1.52 (+0.88%). While it isn't seeing significant gains today, this hemp stock was up +17% in February. With its late jump like AGRA, it also has strong potential to keep up the positive momentum moving into March.
Featured Image: Pixabay
