Marijuana Index Hit its One-Month-High, The Price Correction Trend is Ending

    Author Siraj SarwarPosted on Categories Cannabis
    Marijuana Index

    North American Marijuana index trades around the highest level in the last month: Marijuana stocks have been gaining momentum over the last couple of days amid increasing business and investment activities. The quarterly earnings reports along with mergers and acquisitions are also adding to trader confidence.

    North American Marijuana index trades at a one-month high of 263 points today. The index touched the all-time-high of 360 points at the beginning of the year before falling back to 232 points at the end of March.

    Analysts and market pundits blamed higher valuations for the selloff. However, the price correction selloff seems now to be ending.  The marijuana index reported 19% gain last month, and it is set to post substantial gains for this month.

     

    CV Science (OTCQB:CVSI) is the biggest gainer today. Its stock price rose 20% on Monday’s trade, and the stock is up 200% since April 4. The solid bull-run in CV Science stock is due to its financial numbers and growth plans. The company recently reported year over year sales growth 115% for the first quarter this year.

    Hiku Brand’s (OTCPK:DJACF) strategy of adding iconic brands to its portfolio, expanding its retail market share and advancing its acquisitions and partnerships strengthens trader’s confidence.

    Talking about business strategies the CEO said, “From our products to our in-store experiences, the combined company is poised to be a formidable force in the cannabis industry.”

    MedReleaf Corp (OTCPK:MEDFF) and Aurora Cannabis (OTCQX:ACBFF) are gaining momentum on the merger between both companies – which will result in the creation of largest cannabis company.

    >>These Marijuana Stocks Were The Biggest Gainers Last Month

    Canopy Growth Corporation (OTCPK:TWMJF), Terra Tech Corp (OTCQX:TRTC), and THC Biomed Intl Ltd (OTCQB:THCBF) are also posting strong gains over the last couple of days. Canopy Growth (OTCPK:TWMJF) stock price rose 30% in the previous thirty days, driven by the prospects of NYSE listing. Its CEO says, “Once finalized, listing our shares on the NYSE will represent a continuation of our upward trajectory.”

    Featured Image: twitter

    Author Siraj Sarwar
    About the author: Based in Saudi Arabia, Siraj has a strong understanding of and passion for accounting and finance. He has worked for international clients for many years on several projects related to the stock market, equity research and other business, accounting and finance related projects. Siraj is a published financial analyst on the world's leading websites including SeekingAlpha, TheStreet, MSN, and others.