Cannabis stocks opened on the US and Canadian markets in the green this morning, but most have since corrected. Trade volume and trade numbers have resumed back to normal on both the CSE and TSXV after a slow Thursday and Friday—most likely due to Thanksgiving in the US.
Today, we’ll take a closer look at a few cannabis stocks that are trending on the Canadian Securities Exchange and their latest company movements.
Cannex Capital Holdings (CSE:CNNX)
Cannex Capital Holdings leases real estate properties and sells industrial supplies to cannabis dispensaries, cultivators, and processors in the US and Canada. The cannabis-focused company is headquartered in Vancouver, British Columbia.
CNNX shares have dropped a significant amount on the CSE today. This morning, Cannex announced that it will be combining with 4Front Holdings, LLC. It is still subject to approval from the Canadian Securities Exchange.
“This is an exciting and transformational step as 4Front and Cannex come together to realize our common objective of building a premier cannabis business focused on operational excellence and integrity across the value chain,” said Josh Rosen, co-founder and CEO of 4Front.
Rosen will become CEO of the combined company and Cannex’s CEO Anthony Dutton will take on a senior capital markets and business development role. Despite the positive news, it seems investors aren’t pleased with the direction of the company.
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According to Yahoo Finance, the cannabis stock is currently trading at $0.92 a share, down -0.18 (-16.36%).
Charlotte’s Web Holdings (CSE:CWEB)
Charlotte’s Web is based out of Boulder, Colorado, and is a hemp-based cannabis company. Currently, the US Congress is in discussions over the 2018 hemp Farm Bill. This will transform the hemp market internationally, as the US is the largest hemp consumer in the world, but it isn’t nationally legal to grow the cannabis strain.
This Farm Bill will strongly affect the price of Charlotte’s Web as its entire company is centered around hemp. The cannabis stock hasn’t released any company news in nearly two weeks. According to Yahoo Finance, CWEB shares are currently trading at $14.98 a share, down -$0.52 (-3.35%).
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