The cannabis struggle continues.
Most cannabis companies on the Canadian Securities Exchange are down today, a trending pattern of the week. Not every stock saw red today, however, so let’s start with the cannabis companies that were in the green before moving onto those that dropped.
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Wildflower Marijuana Inc.
Wildflower Marijuana (CSE:SUN) (OTC:WLDFF) was the biggest cannabis winner of the day on the CSE. Closing the day with 599 stock trades, Wildflower Marijuana increased by 10.97%, or $0.17. Wildflower Marijuana closed at $1.72, compared to the previous close of $1.55.
The company, which is involved in the developing and designing of branded products in the cannabis and healthcare sectors, closed on a $2 million private placement in order to meet the huge California demand for cannabis. Wildflower Marijuana will be using the money to increase production and inventory levels, as well as for general working capital and increasing marketing initiatives.
The news of the private placement was probably a large push behind the stock’s increase today. Despite the company’s stock being up today, it still hasn’t recovered to the point where it was at last Friday. In terms of the CSE market in general, Wildflower Marijuana ranked as number 19 for the top performers by percentage value, according to Investor’s Hub.
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Alternate Health Corp.
Alternate Health (CSE:AHG) (OTCQB:AHGIF) is looking to be a leader in both the traditional medical as well as the cannabis medical industry. Alternate Health develops software applications and processing systems to help doctors and patients.
Alternate Health was also listed as being in the green today, closing at $2.21. This put the company up 0.45%, or $0.01, from the previous closing price of $2.20. This wasn’t nearly so significant as Wildflower Marijuana; Alternate Health also had far fewer stocks trades (only 39).
The most recent news released by the company came today and was mostly to announce new appointments in the team. This may be one of the reasons the company saw its slight increase today, but a direct correlation isn’t guaranteed when it comes to something like this.
The following companies were all in the red.
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Future Farm Technologies Inc.
Future Farm Technologies (CSE:FFT) (OTCQB:FFRMF), focused on indoor plant growth technology, was the biggest loser of the group, losing 24.53%, or $0.26. The company closed at $0.80 compared to its previous closing price of $1.06.
Despite signing a building lease for its industrial hemp CBD oil production, announced two days ago, Future Farm Technologies struggled against its decline all week, finally succumbing to the more than 20% drop experienced today.
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Namaste Technologies Inc.
Namaste Technologies (CSE:N) (OTCQB:NXTTF) maintained a relatively steady week up until today when it dropped 21.71%, or $0.61. The stock closed at $2.20 compared to the previous closing price of $2.81.
This drop comes despite the medical cannabis online retailer releasing record-breaking quarterly sales a couple of days ago.
Namaste was a hot trader today, despite being down, trading a total of 6,619 times.
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MYM Nutraceuticals Inc.
MYM Nutraceuticals (CSE:MYM) (OTCQB:MYMMF) furthered its decline from Tuesday, closing today at $2.79. That’s a decrease of 12.81%, or $0.41, from the previous closing price of $3.20.
The cannabis company, despite its Weedon project, continue to struggle, as do many of the cannabis companies on the CSE.
What do you think is causing the slump in the cannabis market?
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Featured image: marijuanastocks
