The month of March appears to be treating the Canadian cannabis market well. A lot has happened this month, and after February’s disappointing performance, I feel confident in saying it looks like cannabis stocks are rebounding. Today, we are going to be looking at the following companies in the Canadian cannabis market: Cannabis Wheaton, and CanniMed Therapeutics.
The Canadian Cannabis Market: Friday, March 16, 2018
If I’ve gotten into one habit this year, it’s looking for marijuana stock news. After all, there was a tremendous amount of hype surrounding the market towards the end of 2017, and despite running into a few roadblocks in February, I’m still confident the Canadian cannabis market has a lot more to offer in 2018. So without further adieu, let’s take a look at some of the top cannabis stocks of the day.
- Cannabis Wheaton (CVE:CBW):
Yesterday, Vancouver-based Cannabis Wheaton disclosed that it entered into a strategic alliance agreement with Ontario-based Honest Inc. This caused the cannabis stock to trade up more than 2% at one point during the trading day. As for today, the cannabis company provided the public with an update on the development of its project with FV Pharma Inc. It appears the market is pleased with the update, considering the cannabis stock is currently trading up more than 5%.
As of this writing, Cannabis Wheaton is trading at $1.79. This puts the CBW stock up $0.09, or 5.29%. The cannabis stock opened the trading day at $1.70 and has a market cap of 717.49 million.
- CanniMed Therapeutics (TSE:CMED):
Based in Saskatoon, Saskatchewan, CanniMed Therapeutics announced some news early Friday morning, and it is clear the news is already impacting the cannabis stocks performance. For those who don’t know, CanniMed Therapeutics is currently in the midst of being merged into Aurora Cannabis Corp. (TSE:ACB), but that’s not what we are here to talk about.
On Friday, CanniMed Therapeutics disclosed that it will be posting its quarterly results before the opening bell on Monday, March 19. Considering CanniMed is in the process of finalizing the merger with Aurora Cannabis, it will be important to take note of the quarterly results that are published on Monday. However, it doesn’t appear investors are too worried about the cannabis company posting disappointing quarterly results. How do I know? Well, because the stock is seeing green on the last day of trading before it announces its results.
As of 2:04 EDT, CanniMed is trading at $38.16, putting the cannabis stock up $0.24, or 0.63%. CanniMed opened the trading day at $37.92 and has a market capitalization of less than 1 billion.
Check back in on Monday after the closing bell to see CanniMed’s quarterly results!
Featured Image: Depositphotos/© fotovincek
