The cannabis market has remained notoriously successful for some time now amidst changing regulations and the public opinion of the substance shifting as well. With this has come a lot of speculative trading and trading that is simply based on some of the top performers in the market. Interestingly enough, the market as a whole saw a recent drop throughout the second week of October, but it appears as though cannabis has been able to steer clear of this and remain at a level base.
The market on Wednesday saw a cascading downward of many of the prices of the top stocks throughout the NYSE and NASDAQ among others, but cannabis managed to remain quite resilient to this change. Amidst dropping prices, the company Tilray (NASDAQ:TLRY) is a perfect example of how the cannabis market kept its wits about it. The company has managed to become one of the most volatile examples of the top end of the cannabis industry with massive uptrends and equally pungent downswings in price. Well much of this can be attributed to the infancy of the cannabis market, the company recently was able to actually see gains while the rest of the market was dropping. The company managed to see around 6% of gains in value to finish at around $137.
The company Aphria (NASDAQOTH:APHQF) was another perfect example of this. Aphria is another one of the largest growers of cannabis stocks in the market and managed to shoot up by as much as 15% at what time during the trading day. The company ended the day at around $15.37. Much of this growth can be attributed to the fact that the company announced they would be considering a deal with Altria Group (M-O)
, a tobacco giant.
The company Integrated Cannabis Company ICNAF/(CSE:ICAN) is another company to see its value rise amidst the recent drop in the market. The company announced that they would begin selling CBD products throughout the Colorado market which will help with any distribution challenges they may have had in the past. ICAN is another one of the companies that many investors have been watching as they fulfill a very niche side of the market with a low amount of competition in the current day. The company remains one of the stocks to watch as we continue to move throughout the future of the market.
One of the promising aspects of the industry that could be one of the main reasons that it has been able to continue climbing amidst other challenges in the larger financial sphere could be the impending Canadian sales of legal cannabis. Canada a few months ago voted to legalize the use of recreational cannabis for sale throughout the nation. The sales of this are expected to begin as soon as October 17th, which means that many investors are gearing up to get into the industry. This has been one of the most exciting prospects of the entirety of the market as it is a solid test case to see how recreational cannabis can function in such a large market. The Canadian industry will also help to hopefully cause a domino effect throughout the market that largely may convince other nations to do the same. All will tell soon enough as the success of the market will largely help to determine what other nations choose to do.
Only time will tell how well these markets can continue to function amidst stringent regulation coming from around the world. The hopes are high however that the high and increasing demand of the Canadian market can help to bring the rest of the world into the massive success that they may see in the near future.
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