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Marijuana stocks have been on fire and many investors are wondering where these stocks will go from here.
Over the last month, Canadian marijuana stocks have been the best place to invest and we do not expect this trend to end anytime soon.
This rally has been highlighted by strong volume, significant industry developments, and continued execution at a company level. These factors have caused Canadian marijuana stocks to trade higher and we are keeping eye on how this continues.
Canadian Cannabis Stocks Continue to Rally
Although Canada’s market was closed for Thanksgiving yesterday, the U.S. traded symbols recorded strong movements to the upside. While we are favorable on this move higher, we are not buying into it because Canada’s market was closed.
We highlighted some of the top performers from yesterday and will be watching how they trade today.
- Liberty Health Sciences (LHSIF): Up 20%
- Canabo Medical (CAMDF): Up 11%
- Reliq Health Technologies (RQHTF): Up 10.3%
- Namaste Technologies (NXTTF): Up 8.4%
- Organigram Holdings (OGRMF): Up 5.5%
- Cronos Group (PRMCF): Up 4.6%
- iAnthus Capital Holdings (ITHUF): Up 5.1%
- Aurora Cannabis (ACBFF): Up 3.7%
- Canopy Growth (TWMJF): Up 3.7%
- Emblem Corp. (EMMBF): Up 3.5%
- Supreme Pharmaceuticals (SPRWF): Up 3.1%
Capital Continues to Enter the Canadian Cannabis Sector
Canadian licensed marijuana producers have been hot investments and we have seen a lot of capital enter the market.
Licensed producers have benefited from this increase in capital and they have seen a significant increase the average daily trading volume on a month-over-month basis. A lot of this volume has been on the buy side and this has caused momentum to surge higher.
We have been watching the change in momentum during this rally and these movements look very similar to what we saw last year. We are favorable on this trend and if this rally is anything like what we saw last year, this could just be the start of a big cycle turn.