2 Top Canadian Marijuana Stocks To Watch Before Next Month
Currently, marijuana stocks in the last half of June have been facing a bit of volatility in the market. This has led to some cannabis stocks once again dropping back down. Now, these recent drops in trading have led to more chances to find top marijuana stocks to buy at bargain prices. Yet the concern amongst shareholders is when will a big enough recovery happen.
Many investors are remaining as patient as they can so they are able to make a return on their investment. Analysts feel at some point cannabis stocks will reach trading levels like back at the start of February. However, there is no set-in-stone way to know when or to guarantee this. This assumption is based on speculation due to the growth of the overall cannabis industry. Right now a great deal of growth and innovation is taking over the cannabis industry that may lead to better trading. For instance, the biggest concern is the federal cannabis reform.
With marijuana being federally legal or decriminalized it will allow for more doors to open. As well as working with cannabis outside of the U.S. which currently is still illegal. Many feel once federal cannabis reform is enacted it will be one of the last hurdles to the industry reaching its full potential. As well once this does happen the next part of better cannabis legislation is to pass the SAFE Banking Act.
The SAFE Act would allow for banks to work with legal marijuana businesses without the fear of penalties from federal regulators. Next, more states are starting to legalize cannabis. Which is only adding more value to the revenue being generated to a combined total of the U.S. cannabis industry. With this above info, the marijuana stocks below may see better market momentum in 2021.
Canadian Marijuana Stocks To Watch This Month
Cronos Group Inc.
Cronos Group Inc. is one of the top Canadian marijuana stocks to watch in the market. Headquartered out of Canada Cronos Group is an innovative global cannabinoid company. The company specializes in international production and distribution across five continents. Over the last month, CRON stock has started to climb back up in the market. Since May 12th CRON stock has been on the move at $7.16 a share to $7.58 on the 18th.
This small jump made for a 5 percent increase in trading. Moving forward the company was able to keep this rise going even with a slight dip the following next few days. From May 24th to the 27th CRON stock kept climbing in the market generating gains of 6 percent. With keeping this momentum from the 27th of May to the 28th CRON stock kept trading up with an increase of 15 percent.
Ultimately the company could not keep up this trading momentum and eventually dropped back down. In the first 9 days of June CRON stock was a bit volatile but was able to see some form of recovery. Especially in the first 2 days of June. As of now the company is still down working on building back its lost momentum. Back on June 14th, the company announced a strategic investment in PharmaCann, a leading U.S. cannabis company.
Words From The Company
“Our U.S. growth strategy focuses on delivering long term shareholder value by assembling a best-in-class brand and intellectual property portfolio and positioning to deploy our products in the U.S. market through investments and opportunities with U.S. leaders who share our vision and commitment to responsibly distributing disruptive cannabinoid products that improve people’s lives,” said Kurt Schmidt, President and Chief Executive Officer of Cronos Group. “We were attracted to PharmaCann as an investment because of their disciplined capital allocation, strong track-record and compelling licensed manufacturing and retail footprint. Further, we are excited to partner with PharmaCann because of our shared commitment to elevating product quality and consistency through science and best in class operations and manufacturing.”
Canopy Growth Corp.
Canopy Growth Corp. is another top Canadian marijuana stock that has been a heated topic amongst investors. Mainly due to how poorly CGC stock has performed since the second week of February. The company was not able to sustain any good trading or hold a decent market-level during the downtrend. Now small spikes did occur but not enough to see the type of gains cannabis investors were expecting. Yet From May 13th to June 11th CGC stock started to rise once again.
Although short-lived during that run CGC stock saw a 16 percent increase in trading before dipping once more. With more time left in June, its possible shareholders may see another recovery for this Canadian marijuana stock to watch. At one point in time, CGC stock was averagely trading at levels that attracted much more investor’s attention. Now it will be a waiting game to see what will happen in the near future for the company.