The industry on cannabis has remained extremely lucrative for those who have chosen to get in. With new legalization on the forefront in Canada and potentially the U.S. in a few years, it seems as though the market is only poised to continue this growth into the future.
One of the most promising stocks in the industry continues to be Canopy Growth Corp. (NYSE:CGC). The company recently jumped from $1.22 to as much as $28 in a matter of a few days. The big news coming from the company is that they have recently been listed as the second cannabis stock on the NYSE, which is widely regarded as the most prestigious and largest exchange in the world. According to one report “The stock has been in a basing pattern since the start of the year that appears to be setting up for a strong up-move. It needs to hold Monday’s low of $26.70 ideally, and break through last Thursday’s high of $31.31, for a move to our next target of $33-34.” The hopes are that the company will continue this massive growth into the next coming years as marijuana becomes less of a taboo throughout the market.
Next on the list is the company known as Cree Inc. (CREE). The company recently swung from $1.47 to as much as $47 in a short period of time. The stock remains at the highest level that it has been at since its listing on any exchange. The price target for the stock in the coming months is somewhere around $50, so this remains an important stock to keep on the watch list.
Endocyte Inc (ECYT) recently gained as much as $0.65 to around $14 after trading on Tuesday of the last week of May. Endocyte is a biopharmaceutical company that has recently announced their presentation at the Jefferies Global Healthcare Conference on June 5th. This is quite a big deal, and will likely continue to show the promise of the company as the industry continues to build. According to one report “The stock had a huge move in February and March off a low under $3, coiled for six weeks, and has since run up. It is flagging again, and looks to have one more leg up towards the channel top at $17-18.” This stock remains one to look out for in the coming weeks to months.
Last on the list is the company known as Impinj Inc. (PI). The company recently jumped up by as much as 14% as of Tuesday of the end of May. The move did not come from any source of speculation, rather solely on the value of the company. The company recently broke out in the beginning of May and has continued the rally up since that time. If the company is able to pass through the resistance level of $20, they should be able to get somewhere near the next price target of around $27.
The marijuana industry is something that many investors have watched due to the impending legislation in the industry. The market has been waiting for some important news out of Canada regarding the legalization of recreational cannabis. This would represent the first time that a developed nation has legalized the use of cannabis for recreational purposes. All of this news has continued to fuel the growth of the industry into the coming years. The hopes are high that the market will continue this growth trend as legal moves are made and the public support continues to grow. Only time will tell how much the industry can begin to reach its full potential.
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