The marijuana stock market has been ripe with uncertainty for a few years now, but the latest bout of fluctuations in price only furthers this reasoning. Monday, October 29th saw not only the cannabis market be hit hard by a series of uncertainties in the news, but the whole of the stock market seemed to signal a massive price correction in the overvaluing of some of the largest stocks in the industry. Shares of companies such as Canopy Growth (NYSE:CGC) among others dropped by as much as 10%, which is shocking but not without reason or explanation.
Next Green Wave (NGW) was no stranger to the early morning pullbacks in the market, although the company saw its stock in the middle of the decline at around 10% by the end of the day. Although Next Green wave offers a large amount of intrinsic value in the form of premium vertically integrated cannabis products, no one company seems to be safe from these corrections. The company has in the face of this, been able to raise as much as $21 million to finance the purchase of various assets and complete construction and brand development in the process. With over 15 acres currently secured in Coalinga, CA, the company has shown that they have a massive amount of exposure to the market of cannabis in one of the largest parts of the industry in the world. NGW has also been cited as one of the companies with the most promise for the future due to the team they have worked to assemble. With industry leaders pushing for the growth of the business, NGW remains one of the companies to watch amidst speculative fluctuations in the market.
As mentioned earlier, Canopy Growth has been one of the largest players in the cannabis market, and a company that many have looked at to be one of the strongholds in the marijuana stock space. The company made headlines several weeks ago after signing into a $4 billion investment from the alcohol distributor/producer Constellation Brands (NYSE:STZ). This means that they have a very large cash position to be able to see success in the future, which is why investors have not shied away from this company. Canopy seems to be one of the businesses that has taken the brunt of the recent volatility to the head as industry leaders often do. The company currently looks as though it is simply a part of the correction, but many have stated that this could be the time to buy due to the value the stock promotes.
All in all, despite the news and various factors, infant markets such as cannabis continue to present some of the highest rates of volatility in the stock market. The smart investor, however, knows that the best way to secure gains in any space is to simply stay in it for the long run, and cannabis is no different. With massive prospects throughout the future, marijuana stocks remain one of the most prominent and interesting investments to make as the market develops.
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