Marijuana stocks reach new highs
Here is what’s happening… Rival Cronos Group is up 40% over the past seven days and 11% on Tuesday alone. Tilray went public on the Nasdaq and is up over 60% since Friday, up 10% on Tuesday. Canopy Growth is up 30% since striking a deal with Corona last week. As you can see, weed stocks are going up into the clouds with these gains, and it is mostly thanks to that Corona deal.
Also thanks to Canada… don’t forget about Canada. Our neighbors to the north (or maybe just your regular neighbors, if you live there), were pioneers in legalizing recreational marijuana nationwide. Cronos, Tilray, and Canopy are all looking to capitalize on the new law and have been announcing plans left and right.
There needs to be a first… and Canada has done just that. Now, investors are hoping that other countries, especially the United States, will follow suit. However, Constellation investing in Canopy seems to be enough for investors to get that warm, fuzzy feeling that the green is known to give.