January was an interesting month for marijuana stocks, but these stocks still managed to close the month out with some gains. Even with U.S. marijuana stocks taking some serious hits after U.S. Attorney General Jess Sessions took his obsession over the marijuana prohibition to another level by rescinding the Cole Memorandum, the North America Marijuana Index (MJI) closed the month up 18 percent. Not too shabby.
The North American Marijuana Index tracks the top performing marijuana stocks in the United States and Canada by combining both the U.S. Marijuana Index with the Canadian Marijuana Index.
Let’s start with the United States. California rang in the New Year by commencing sales of recreational marijuana. Only a day after, the U.S. Marijuana Index recorded its biggest daily gain in a year of 13 percent. A few days after taking in its largest daily gain, Sessions rescinded the Cole memo leading to the index plunging 21 percent, its largest one-day drop, ever. The index was able to finish January with gains of 8 percent. A few marijuana stocks on the index took in increases over 50 percent, such GrowGeneration Corp. (GRWG), Kush Bottles (KSHB), and MariMed Inc. (MRMD).
Last month the Canadian market was nothing short of impressive, as per usual. The Canadian Marijuana Index skyrocketed just short of 50 percent in the first few days of the new year. The index was slightly affected by Sessions rescinding the memorandum, but the Canadian Marijuana Index closed out the month up 22 percent. Three Canadian marijuana stocks recorded gains over 90 percent in January. They were Abcann Global Corporation (ABCCF), Newstrike Resources Ltd. (NWKRF), and THC Biomed Intl Ltd. (THCBF).
The Vice President of the Marijuana Index, Dan Nichols said, “The Marijuana Stock Universe, which includes all U.S. and Canadian stocks with an involvement in the cannabis or hemp industry, saw an average increase of 8% in January.”
The Marijuana Stock Universe is a searchable database. The MSU requires marijuana stocks meet the requirements of material involvement in the marijuana industry, financial statements must have been filed in the last year and a minimum average daily trading volume of $100 USD.
Something that is noteworthy, is that with the uncertainty of the future of marijuana, specifically in the U.S., it hasn’t stopped these hot marijuana stocks from gaining. Investors continue to place their bets in one of the most rapid growing and attractive industries. If the MJI can finish the month up 18 percent while Sessions wages war with the marijuana industry, imagine what February’s numbers could look like.
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | email@example.com