Checking out weed stocks today, the market is booming. Most listings show green, with only a handful showing small losses. Let's check out the top three and see what's making these ones so hot?
Top Three Weed Stocks: Canopy Growth Corp. (TSX:WEED) (NYSE:CGC)
Our top gainer today also happens to be the biggest cannabis producer by market cap, Canopy Growth Corp. Up 8.75% at the time of writing, this weed stock is currently selling for $42.64 USD.
A major Wall Street firm, Piper Jaffray, has begun coverage on the cannabis sector and this has given CGC stock and WEED stock, in particular, a boost.
Analyst Michael Lavery set overweight ratings for both Tilray (NASDAQ:TLRY) and Canopy Growth and told clients to expect further gains ahead:
“We do believe the long-term growth opportunities are significant—both from transitioning illicit trade to legal sales, medical sales, and from transitioning sales in health & wellness categories to CBD-infused products.”
The weed stock is booming as a result and who knows how much further it may go.
Top Three Weed Stocks: Green Growth Brands (CSE:GGB)
Increasing to the tune of 10% today is America's Green Growth Brands. This company is creating all sorts of coverage for itself because of its hostile takeover bid for Canadian cannabis giant Aphria (NYSE:APHA). The initial bid was rejected, but this isn't stopping GGB from pushing forward on its plan.
The offer surprised many because Green Growth Brands is smaller than Aphria, operates in the US and not Canada, and its offer greatly undervalued Aphria.
Some wonder if this is just a clever publicity stunt but either way, the stock has been steadily on the rise since January 1st. It seems investors are all over this weed stock.
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The company continues to show its keen interest in Aphria and continues to place the attractive acquisition target in its sights.
Top Three Weed Stocks: Canopy Rivers Inc. (TSXV:RIV)
Canopy Rivers Inc. is up a healthy 8.6% at the time of writing. This weed stock is soaring off the back of company news announced yesterday.
The company's subsidiary PharmHouse has just received a massive $80 million CAD of "secured debt financing" from the Bank of Montreal or BMO. What does the company plan on doing with $80 million?
According to the press release:
"Finalize the acquisition of the 1.3 million square foot modern greenhouse facility and further fund necessary project equipment and ongoing construction costs as the production and distribution platform ramps up."
Investors are happy with these growth prospects for Canopy Rivers anyway.
The Bottom Line
Weed stocks are on fire today! These are only the top gainers; the market is showing increases across the board.
Featured Image: Depositphotos © bloomua
