Top Canadian Marijuana Stocks To Watch This Month
During the 2nd half of July, marijuana stocks have been showing a bit more action in the market. Now with this upward momentum has also come a bit of volatile trading. With the sector beginning to fluctuate in price more often, those looking to buy top marijuana stocks still have time. Due to how low the sector has dropped since mid-February there is still more upward trading that needs to happen to see a full recovery.
In the meantime, some cannabis stocks although trading at lower prices have shown some spikes in the market. This has allowed some investors who have purchased marijuana stocks off the dip to see a subtle return. With that being said prior to the recent downtrend many marijuana stocks were trading at higher levels. When the downtrend was going on many investors grew overwhelmingly with doubt about the future of the sector.
Fast forward to now and many investors and current shareholders have been showing more confidence. Especially with the possibility of seeing federal cannabis reform in 2021. In recent news, Chuck Schumer has finally released the initial draft of his federal reform bill. Yet this is not the final draft that will be presented however so far it reads well and has a lot of stipulations. Before details about the bill were released just the update about the bill caused an increase in trading momentum for the marijuana stocks.
Overall the growth and innovation of the cannabis industry are still happening at a rapid pace. More states are soon to vote on legalizing cannabis which creates more value to the U.S. cannabis industry. With this, all happening many more people will be looking to capitalize off legal cannabis, Just make sure you do your research before you make any investment and always examine risk verse reward.
Marijuana Stocks To Add To Your Portfolio
- Cronos Group Inc. (NASDAQ:CRON)
- Canopy Growth Corp. (NASDAQ:CGC)
Cronos Group Inc.
Cronos Group Inc. operates as a cannabinoid company. It manufactures, markets, and distributes hemp-derived supplements and cosmetic products through e-commerce. In addition to retail, and hospitality partner channels under the Lord Jones and Happy Dance brands in the United States. The company is also involved in the cultivation, manufacturing, and marketing of various cannabis products. Which is geared for the medical and adult-use markets.
In the last few months of trading CRON stock has been working on building more momentum. The initial start to trading in May CRON stock began to drop for the first half of the month. From May 12th to the 27th CRON stock was able to see a nice run in trading. During this time the company was able to see gains of 9 percent. The following day CRON stock continued to run and from the 27th to the end of May. In those 24 hours, the company saw gains of 15 percent before CRON stock started to trade with more volatility.
Moving into June CRON stock on day one experienced a bit of pullback in trading. Now from the 1st of June when the company dipped to the 7th CRON stock saw a 9 percent increase in trading. Pushing further into June the company slowly started to lose its upward momentum. This downwards trading lasted until the 18th of June that’s when CRON stock started to climb back up.
Trading from the 18th of June to the 28th CRON stock went on a run that generated gains of 8 percent during that time. Moving into July CRON stock, unfortunately, was not able to sustain its momentum and much of July has resulted in a drop in trading. However, with more time left in July, some investors feel a pick-up in trading may happen before next month.
Canopy Growth Corp.
Canopy Growth Corp. is said to be one of the top Canadian marijuana stocks to watch. The company together with its subsidiaries engages in the production, distribution, and sale of cannabis and hemp-based products. Which is used for recreational and medical purposes primarily in Canada, the United States, and Germany. It operates through two segments, Global Cannabis, and Other Consumer Products.
Similar to other cannabis stocks CGC stock started May on a downtrend. Pushing forward from May 13th to the 28th CGC stock was able to see subtle pullup in trading. During this time CGC stock generated gains of 17 percent before dropping at the start of June. From June 1st to the 11th CGC stock was able to recover and see an increase in trading of 6 percent.
Continuing to move forward in June CGC stock began to drop the remainder of the month. Now from the 18th to the end of June CGC stock started to rise back up in the market. But moving into July CGC stock was not able to keep its climb going and eventually dropped in trading. Currently CGC stock is working on seeing better momentum as trading in July continues.