Ron Strider
Well-Known Member
Cannabis stocks rose sharply heading into the holiday weekend as The North American Marijuana Index gained on Friday. Investors bet against the broader markets, with Wall Street and the Canadian exchanges both falling to close out the week. Despite indications of higher unemployment yesterday, the economy showed signs of bolstering in the U.S., with consumer spending up in November. That is good news for the cannabis industry, as legalization is set to hit California in a little over a week and the industry is banking on consumers having a little extra cash in their pocket to indulge their vices. All in all, the Index continued its upward trend as investors prepare for the long holiday weekend, with the markets closed on Monday for the Christmas holiday. The North American Marijuana Index rose 4.58 percent on Friday to close the day at 215.83.
United States Index
Cannabis investors have plenty to cheer about in the states, as California's recreational market prepares to open on January 1. Still, as usual, it is a bittersweet victory for the United States Marijuana Index, as its full potential seems to be stifled by federal law and an Attorney General bent on reviving the good old days of "Just Say No." Overall in the states, the markets fell on Friday ahead of the Christmas weekend, with the Dow Jones Industrial Average losing .11 percent, and the NASDAQ and S&P 500 not faring much better. The message for investors in the United States right now is one of cautious optimism - the pendulum swings towards legalization even though the old guard is trying to hold on to power. In the end, though, it is still a safe bet to say business will prevail, especially when looking at recent tax revenue numbers for the state of Nevada. The United States Marijuana Index gained 1.39 percent on Friday, closing out the week at 69.44.
Canadian Index
The future is a bit brighter in Canada for the cannabis sector, as nationwide legalization is all but assured to come this summer. Investors now have to ask themselves if they are too late to the game. With that in mind, the overall markets in Canada seemed to be unsure going into the holiday weekend, especially after a disappointing Canadian GDP report. Also on the minds of industry investors on Friday was the big Aurora Cannabis-CanniMed Therapeutics kerfuffle which went in front of regulators on Wednesday and Thursday. Officials now say the decision, in that case, will have far-reaching effects on capital markets in Canada. The Canadian Marijuana Index rose 6.26 percent on Friday, closing the week at 592.32.
Winners and Losers
Namaste Technologies Inc. announced this week that their subsidiary Cannmart Inc. signed a fulfillment agreement with Greenlane Canada. They also saw the most significant gains on the Index on Friday, with shares rising 17.18 percent on higher than average trading volume. Namaste closed the day with share prices at 2.660 per unit. Not far behind on Friday was Cannabis Sativa Inc. (CBDS), whose share prices rose 11.24 percent on higher than average trading volume. The company closed the day at 4.950 per share. Golden Leaf Holdings Ltd. also had another excellent day on Friday, with share prices going up 7.55 percent. The company ended the day at .285 per share.
Down in the market, today was Cannabis Wheaton Income Corp., whose share prices fell 8.39 percent on higher than average trading volume. They closed the day at 1.420 per share. Marapharm Ventures Inc. had a less than stellar day on the market today. The company saw their share prices fall 5.43 percent to close the day at .870 per share. Finally, MariMed Inc., who recently announced a collaboration with the town of New Bedford Massachusetts saw share prices drop 4.41 percent, closing out the day at .650 per share.
The Five Day Marijuana Index
After a rough start early in the week, the Index picked up steam on both sides of the border. Final passage of the tax reform bill in the United States, coupled with optimism over the nearing of California's and Canada's recreational markets kept the Index moving upwards on its meteoric rise. The North American Marijuana Index gained 11.85 percent this week, with the United States Index gaining 3.52 percent and the Canadian Index gaining 15.93 percent.
News Moderator: Ron Strider 420 MAGAZINE ®
Full Article: Marijuana Index Gains As Cannabis Stocks Cheer Consumer Spending Report | PotNetwork
Author: Brandon A. Dorfman
Contact: Contact | PotNetwork
Photo Credit: PotNetwork
Website: PotNetwork | Marijuana Business and Financial News
United States Index
Cannabis investors have plenty to cheer about in the states, as California's recreational market prepares to open on January 1. Still, as usual, it is a bittersweet victory for the United States Marijuana Index, as its full potential seems to be stifled by federal law and an Attorney General bent on reviving the good old days of "Just Say No." Overall in the states, the markets fell on Friday ahead of the Christmas weekend, with the Dow Jones Industrial Average losing .11 percent, and the NASDAQ and S&P 500 not faring much better. The message for investors in the United States right now is one of cautious optimism - the pendulum swings towards legalization even though the old guard is trying to hold on to power. In the end, though, it is still a safe bet to say business will prevail, especially when looking at recent tax revenue numbers for the state of Nevada. The United States Marijuana Index gained 1.39 percent on Friday, closing out the week at 69.44.
Canadian Index
The future is a bit brighter in Canada for the cannabis sector, as nationwide legalization is all but assured to come this summer. Investors now have to ask themselves if they are too late to the game. With that in mind, the overall markets in Canada seemed to be unsure going into the holiday weekend, especially after a disappointing Canadian GDP report. Also on the minds of industry investors on Friday was the big Aurora Cannabis-CanniMed Therapeutics kerfuffle which went in front of regulators on Wednesday and Thursday. Officials now say the decision, in that case, will have far-reaching effects on capital markets in Canada. The Canadian Marijuana Index rose 6.26 percent on Friday, closing the week at 592.32.
Winners and Losers
Namaste Technologies Inc. announced this week that their subsidiary Cannmart Inc. signed a fulfillment agreement with Greenlane Canada. They also saw the most significant gains on the Index on Friday, with shares rising 17.18 percent on higher than average trading volume. Namaste closed the day with share prices at 2.660 per unit. Not far behind on Friday was Cannabis Sativa Inc. (CBDS), whose share prices rose 11.24 percent on higher than average trading volume. The company closed the day at 4.950 per share. Golden Leaf Holdings Ltd. also had another excellent day on Friday, with share prices going up 7.55 percent. The company ended the day at .285 per share.
Down in the market, today was Cannabis Wheaton Income Corp., whose share prices fell 8.39 percent on higher than average trading volume. They closed the day at 1.420 per share. Marapharm Ventures Inc. had a less than stellar day on the market today. The company saw their share prices fall 5.43 percent to close the day at .870 per share. Finally, MariMed Inc., who recently announced a collaboration with the town of New Bedford Massachusetts saw share prices drop 4.41 percent, closing out the day at .650 per share.
The Five Day Marijuana Index
After a rough start early in the week, the Index picked up steam on both sides of the border. Final passage of the tax reform bill in the United States, coupled with optimism over the nearing of California's and Canada's recreational markets kept the Index moving upwards on its meteoric rise. The North American Marijuana Index gained 11.85 percent this week, with the United States Index gaining 3.52 percent and the Canadian Index gaining 15.93 percent.
News Moderator: Ron Strider 420 MAGAZINE ®
Full Article: Marijuana Index Gains As Cannabis Stocks Cheer Consumer Spending Report | PotNetwork
Author: Brandon A. Dorfman
Contact: Contact | PotNetwork
Photo Credit: PotNetwork
Website: PotNetwork | Marijuana Business and Financial News
