Marijuana stocks have been dominating most Canadian and US exchanges in 2019. Closer to Christmas, most of these stocks fell but it seems investors are confident in the cannabis industry moving into the new year.
The new farm bill was passed by President Trump late in the year, which was crucial for the US hemp industry. Now that hemp is "officially" legal to use and farm, the CBD industry should continue to grow. This could positively affect both hemp companies and marijuana companies.
Top Marijuana Stocks in 2019 So Far
Today, we'll take a look at two marijuana stocks that have gained exponential growth in 2019 already—HEXO and Namaste Technologies.
HEXO Corp (TSX:HEXO)
HEXO Corp is a cannabis company that operates out of Gatineau, Quebec. The company produces, markets, and sells cannabis across Canada. Since the beginning of the new year, HEXO shares have grown over 29% making it one of the top marijuana stocks in 2019, so far.
In late-December HEXO announced it had filed to list on the NYSE. This news gave the stock quite the bump, and it seems to have continued to push the stock up this new year. In addition, the cannabis company is set to be a top 10 producer by annual output this coming year. When all permits are completed, HEXO will have a space of around 1.3 million square feet and at its peak has the possibility to produce around 108,000 kg of cannabis a year.
>> MJNA Stock: Favored By Investors Since US Farm Bill Passed
This is why HEXO is one of the top marijuana stocks in 2019, already. According to Yahoo Finance, HEXO stock is currently trading at $6.20 a share, up +$0.02 (+0.32%). Year-to-date, its stock is up 29.16%.
Namaste Technologies Inc. (TSXV:N)
Namaste Technologies dominated among the top trading marijuana penny stocks of 2018 on the TSXV. It seems 2019 is no different, and investors are confident as ever in the cannabis e-commerce company.
The company hasn't released any major news in the last few weeks due to the holidays, but its stock is up almost 100%, year-to-date. Namaste operates as a cannabis e-commerce company that operates in 26 different countries.
According to Yahoo Finance, N stock is currently trading at $1.58 a share, up +$0.11 (+7.48%). Year-to-date, the marijuana stock is up 93%.
Featured Image: Depositphotos © leungchopan
