The top 5 traded companies on the CSE today were cannabis, but the stocks were all down.
The cannabis market is struggling on the CSE based on the past five trading days. Today, the pattern continues as the top traded cannabis companies trade in the red. Nobody seems to want the plant life right now.
Maricann Group Inc.
Maricann Group (CSE:MARI) (OTCQB:MRRCF) was the top traded company on the CSE today, trading 3,209 times. It’s stock, however, decreased by 10% ($0.38), ending the day at $3.42. This was the largest decline of the group.
Maricann Group deals in medical cannabis and cannabis oils. There has been no recent news released by the company that would explain its decline directly.
Namaste Technologies Inc.
Namaste Technologies (CSE:N) (OTCQB:NXTTF) ranked as the second highest traded company on the CSE, with 3,100 trades. The stock closed at $2.90, putting it down $0.07, or 2.36%. This decline occurred despite Namaste releasing financials that showed a 133% year-on-year increase for the company.
CannTrust Holdings Inc.
CannTrust Holdings (CSE:TRST) (OTC:CNTTF) came in as number 3 for trades on the CSE, trading 1,605 times – a significant drop off from Namaste. CannTrust closed at $10.10, meaning that it declined by $0.75, or 6.91%, from the previous closing price of $10.85.
CannTrust, which is involved in cannabis research along with cannabis production, has released no recent news that would result in its stock losing today. The stock has been steadily declining since Wednesday of last week.
Cannabix Technologies Inc.
Cannabix Technologies (CSE:BLO) (OTC:BLOZF) traded 1,462 times today on the CSE, ranking as the 4th top trader on the exchange. Its stock declined by 7.17%, or $0.21, closing at $2.72.
A week ago, on January 23rd, Cannabix provided an update on its cannabis breathalyzer, and the news seemed to have aided in a momentary stock jump for the day. However, this was a fleeting hike, and the stock once again began declining as early as the next day.
MYM Nutraceuticals Inc.
MYM Nutraceuticals (CSE:MYM) (OTCQB:MYMMF) was the 5th top trader on the CSE today, with 1,420 trades. It declined 7.74%, or $0.27, closing at $3.22.
A report was released on MYM’s Weedon project, but this did little to keep the company from continuing its decline of the past five trading days.
Not everything was gloom and doom for cannabis on the CSE today – Global Hemp Group (CSE:GHG) (OTC:GBHPF) was up 2.17% on the exchange (Global Hemp only had 386 trades though).
Will cannabis stocks make a recovery? Tell us what you think.
Featured image: Leafly