Is the hype surrounding the Canadian cannabis market slowing down? The answer is yes….and no. It’s true that we have seen a few cannabis stocks start to decline over the last week or so. This was primarily caused by the news last week stating that Canada has pushed back its legalization process for recreational cannabis-use by at least month.
However, there are still a number of Canadian cannabis stocks that have continued to inch higher on the stock market, unphased, and that includes today. To try to keep the optimism of the market high, we’re going to take a look at 2 Canadian cannabis stocks that can be seen moving higher today on the Canadian Securities Exchange.
Global Hemp Group (CSNX:GHG) (OTCMKTS:GBHPF)
Founded in 2009, Global Hemp Group is a Canadian company that focuses primarily on the industrial hemp industry. It may have had a few ups and downs this month, but the company is only just starting to scratch the surface of what is forecasted to become a profitable market for the output of raw materials. Do you know what that means? It means good things are on the horizon for Global Hemp.
The market seems to agree. Today, Global Hemp is up nearly 6%, despite not announcing anything that would indicate a specific reason for a jump in stock price. As of this writing, Global Hemp is trading at $0.18, which puts the stock up $0.01, or 5.88%. It has received 47 stock trades already.
High Hampton Holdings Corp. (CSE:HC)
This might not be a commonly recognized cannabis stock but it should definitely not be one that you ignore. As a Vancouver-based cannabis investment company, High Hampton has had a reasonably successful two months.
Towards the end of January, High Hampton witnessed a nearly 20% increase. Then, last week, the stock increased nearly 10%. Today doesn’t compete with last week’s increase, but hey, an increase in an increase, right?
As of this writing, High Hampton is trading at $0.65, which puts the HC stock up $0.02, or 3.17%.
Most people are now aware that Canada will not be legalizing recreational marijuana use by July 2018, and I’m sure there is going to continue to be repercussions because of this decision. However, I still want to keep the faith in the cannabis industry. This is why I purpose that we start to pay as much attention to the stocks that are doing well in the sector as we are for the stocks that are starting to tank.
What do you think? Have you lost all faith in the market?
Featured Image: twitter