5 Cannabis Stocks That Are On The Move…

During the last month, the cannabis sector has been trending higher and we are closely following trading activity.

Although the recent rally has not benefited every cannabis stock, we are encouraged by the performance of the sector so far this year.

Today, we have highlighted 5 North American cannabis companies that have benefited from the recent rally and have provided our commentary on them.

1. Canopy Growth Corporation (Nasdaq: CGC) (TSX: WEED) has rallied more than 25% off its late December lows and we are bullish on the Canadian Licensed Producer (LP). During the last month, the stock has been trending higher and it recently broke above its 20 day moving average. Although we have a bullish long-term outlook on Canopy Growth, we would not be surprised to see the stock trade in a choppy range in the near-term (in the absence of favorable US legislation). We are favorable on Canopy Growth due to the strength of its balance sheet and will keep an eye on the trend from here.
2. Innovative Industrial Properties (NYSE: IIPR) has been trending lower and has recorded a double-digit percentage decline since late December. The company is the best known cannabis real estate investment trust (REIT) and we have been closely following the business since its initial public offering (IPO). During the last year, the stock has been under considerable pressure and we will monitor how it continues to perform.
3. SNDL Inc. (Nasdaq: SNDL) has rallied more than 15% off its late December lows. The Canadian cannabis company has been executing on an inorganic growth strategy (growing by making acquisitions) and we are closely following price movements. Although the stock has recently been trending higher, we continue to prefer other Canadian cannabis operators to it. SNDL recently completed the acquisition of Valens and we will monitor how the story advances from here
4. Greenlane Holdings (Nasdaq: GNLN) has rallied more than 50% since late December and is an ancillary cannabis company that has never really lived up to expectations. Although the stock has recently been trending higher, it has fallen more than 97% from its 52-week high. We consider Greenlane to be a high-risk high-reward stock and continue to cautiously monitor it.
5. Jushi Holdings (OTC: JUSHF) (CSE: JUSH) has also not benefited from the recent rally in the cannabis sector and the stock has fallen almost 20% since late December. The company is a US multi-state operator that is levered to several high profile cannabis markets (Pennsylvania, Virginia, Ohio, Illinois, California, Nevada, and Massachusetts). Last week, the company announced the opening of its 37^th dispensary in the US and we will monitor how the business continues to advance.

If you are interested in learning about cannabis companies that have been impacted by the recent rally, please send an email to support@technical420.com with the subject “North American Cannabis Companies” to be added to our distribution list.

Company Relationship Disclosure

T420 is responsible for the T420 opinions provided in this disclosure except all sources or information provided by other parties were not verified or authenticated and T420 does not undertake to confirm or substantiate or be responsible for such information provided by other parties.

Any Content posted regarding a Profiled Issuer is not a solicitation or recommendation to buy, sell or hold securities. We cannot and do not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. All information should be independently verified. We are not responsible for errors or omissions in our publications, and any opinions expressed are subject to change, without notice. We do not, nor are we under any obligation to undertake due diligence or investigation or authenticate and verify whatsoever regarding Profiled Issuers or any Content posted in relation thereto and we do not receive any verification from the Profiled Issuer regarding the Content we disseminate. Similarly, while we endeavor to facilitate the provision of quality information, we are not responsible for any loss or damages caused or alleged to have been caused by its use nor verify or authenticate or update such information.

This article contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs regarding future performance are “forward-looking statements”. Forward-looking statements can be identified by the use of words such as “expects”, “does not expect”, “is expected”, “believes”, “intends”, “anticipates”, “does not anticipate”, “believes” or variations of these words, expressions or statements, that certain actions, events or results “may”, “could”, “would”, “might” or “will be” taken, will occur or will be realized. Such forward-looking statements involve risks, uncertainties and other known and unknown factors that could cause actual results, events or developments to differ materially from the results, events or developments expected and expressed or implied in such forward-looking statements. These risks and uncertainties include, but are not limited to, dependence on obtaining and maintaining regulatory approvals, including the acquisition and renewal of federal, provincial, state, municipal, local or other licenses, and any inability to obtain all necessary government authorizations, licenses and permits to operate and expand the Company’s facilities; regulatory or policy changes such as changes in applicable laws and regulations, including federal, state and provincial legalization, due to fluctuations in public opinion, industry perception of integrative mental health, including the use of psychedelic-assisted therapy, delays or inefficiencies or any other reason; any other factor or development likely to hamper the growth of the market; the Company’s limited operating and profitability track record; dependence on management; the Company’s need for additional financing and the effects of financial market conditions and other factors on the availability of capital; competition, including that of more established and better funded competitors; the impact of the Russia-Ukraine conflict on the global economy; the continued impact of the COVID-19 pandemic; and the need to build and maintain alliances and partnerships, including with research and development companies, customers and suppliers. These factors should be carefully considered, and readers are cautioned not to place undue reliance on forward-looking statements. Despite the Company’s efforts to identify the main risk factors that could cause actual measures, events or results to differ materially from those described in forward-looking statements, other risk factors may cause measures, events or developments to materially differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company does not undertake to revise forward-looking statements, even if new information becomes available as a result of future events, new facts or any other reason, except as required by applicable laws

Share

Tags

Michael Berger is Managing Partner of StoneBridge Partners, LLC and Founder of Technical420.com. Prior to entering the cannabis industry, Michael was an Equity Research Analyst at Raymond James Financial covering the Energy Sector. Michael has been featured in publications such as The Street, Bloomberg, US Money News, and hosts various cannabis events across North America.

Top Stories