Cannabis Watch: We take a closer look at cannabis companies and how they performed in the markets for the day.
Today’s companies will be The Hydropothecary Corp. (TSXV:THCX) (OTC:HYYDF) and MedReleaf Corp. (TSX:LEAF) (OTC:MEDFF).
The Hydropothecary Corp.
The Hydropothecary is a licensed producer and distributor of medical cannabis located in Quebec, Canada.
The company trades on several exchanges, including the American OTC market and the Canadian TSXV market.
On the OTC market, The Hydropothecary closed the day at $2.8965. Because of this, the company’s stock ended the day down 4.59%, or $0.1395, from the previous closing price of $3.0360. The day’s trading ranged from a low of $2.832 and a high of $2.9973. Overall, since the start of this year, The Hydropothecary’s stock has declined from around $3.25 on the OTC market.
The Hydropothecary Corp. didn’t perform much better in the Canadian market. On the Toronto Stock Venture Exchange, the company closed at $3.67, putting the stock down $0.16, or 4.18%, from the previous closing price of $3.83. The day’s trading ranged between $3.60 and $3.80, compared to the 52-week trading, which has ranged between $1.10 and $13.80.
Relatively speaking, Hydropothecary performed somewhat better on the Canadian market, when looking at percentage loss; however, in both markets, the stock has declined for the day.
MedReleaf is another Canadian producer and distributor of medical cannabis. MedReleaf is headquartered in the province of Ontario.
Like Hydropothecary, MedReleaf trades on several exchanges. We’ll begin with its performance in the American market, before moving onto its performance on the Canadian side of things.
On the OTC market, MedReleaf closed at $14.93. The stock ended the day on a high, finishing up $0.45, or 3.09%, from the previous closing price of $14.48. The day’s trading ranged between $14.46 and $15.19, while the 52-week trading ranged between $5.86 and $24.99.
MedReleaf closed at $18.97 on the TSX, putting the stock up $0.61, or 3.32%, from the previous closing price of $18.36. The day’s trading ranged between $18.52 and $19.25, compared to the 52-week trading that has ranged between $7.45 and $31.25.
Percentage-wise, MedReleaf performed better on the Canadian market.
Why was one company up for the day and the other one down?
MedReleaf announced earlier today that it would be purchasing a 164-acre property. This property will include existing greenhouse infrastructure, which will enable MedReleaf to increase its cannabis production capacity to 105,000 kg per year. The first harvest is expected to be completed by the end of 2018.
This announcement could explain why MedReleaf closed on a high today.
On the other hand, no news was released for The Hydropothecary, which could explain why the company didn’t perform as well in either market.
Featured image: Leafly