Cannabis Stocks Still Red: Turnaround Ahead?

cannabis stocks

Cannabis stocks are trading red today, despite the positive news that was announced yesterday regarding Jeff Sessions, the US’s former Attorney General.

Cannabis stocks started trading red yesterday after a long bull run, but the major cannabis stocks corrected slightly after news of Sessions’ resignation hit the media. The former Alabama senator was a long-time activist against cannabis, and his resignation may be what caused the major cannabis companies to spike.

Today is a different story. Let’s take a closer look a few cannabis stocks in the red and their latest movements. Upside ahead? We shall see!

Charlotte’s Web Holdings, Inc. (CSE:CWEB)

Charlotte’s Web Holdings is based out of Boulder, Colorado, and develops and distributes hemp-based cannabidiol (CBD) products. It has been almost a month since the US-based cannabis company has released any news. Nearly a month ago, Charlotte’s Web announced that it had surpassed 3,000 locations. 

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“Firstly, I would like to commend our incredible and committed staff who worked tirelessly to achieve this milestone,” stated Charlotte’s Web CEO Hess Moallem. “I would also like to thank our dedicated retail partners for their continued support of our mission and for valuing the trust that is closely associated with our brand name.”

This announcement came just a day before adult-use recreational cannabis was legalized across Canada.

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According to Yahoo Finance, the cannabis stock is currently trading at $15.00 a share on the CSE, down -$1.25 (-7.69%).

OrganiGram Holdings Inc. (TSXV:OGI)

OrganiGram Holdings Inc. is headquartered in Moncton, New Brunswick, and through its subsidiaries, sells and produces medical cannabis to patients and physicians in Canada. Like Charlotte’s Web, OrganiGram hasn’t released any news recently either.

Two weeks ago, OrganiGram made the big announcement that it had signed a supply agreement with the Province of British Columbia. 

“We are excited to work with partners across the country, now including the Province of British Columbia to help ensure the success of new adult-use recreational cannabis markets in each of these regions,” says Tim Emberg, Vice President of Sales and Commercial Operations at OrganiGram.

Despite the positive movement for the company, the cannabis stock is dropping today. According to Yahoo Finance, OGI is currently trading at $5.86 a share, down -$0.33 (-5.33%).

Featured Image: Depositphotos/© leungchopan