Cannabis stock report: Pot stocks remain steady as markets look towards November election
Cannabis stocks jumped higher on Wednesday as the North American Marijuana Index shot up 2.33 points to 110.06. Markets in the United States saw the most significant gains, climbing 1.66 points on Wednesday to 49.91, nearly reaching their five day high once again. Meanwhile, north of the Canada border, markets tumbled again, with the Canadian Index falling 1.73 points to 218.79, a clear sign for investors that the Canadian market is in a bit of a slump.
Like investors across all industries, major players in the cannabis stock market had all eyes focused on November, with the presidential election only three months away. On Tuesday, Democratic hopeful and former vice president, Joe Biden, announced his Vice Presidential running mate, choosing California Sen. Kamala Harris in a historic pick. Harris becomes the first African American, first Asian American, and first Indian American to run for the second spot, while also being just the third woman in history to do so. Should Biden win, she’ll become the nation’s first female Vice President.
Many experts are banking on a Biden administration, as they see it as a boon for the cannabis stock market. A recent article in Yahoo! Finance named at least three pot stocks that could be big winners should Biden become the 46th President of the United States. Although the former senator from Delaware said he wouldn’t legalize cannabis, he still has presented one of the most progressive agendas for a major political party when it comes to cannabis.
According to Yahoo! Acreage Holdings, Harvest Health & Recreation, and Curaleaf are in for a ride should Biden win. Acreage appears ready to be the biggest beneficiary from a Biden presidency, although each company could make significant gains should he win the electoral college in November.
Right now, Acreage has a Moderate Buy consensus rating, Harvest has a Moderate Buy consensus rating, and Curaleaf has a Strong Buy consensus rating. What happens in November remains to be seen.
Yesterday’s cannabis stock winners and losers
MRMD (MariMed Inc) gained $0.052 per share up to $0.22 for a gain of 30.95 percent. Indus Holdings Inc (INDXF) jumped $0.1357 per share to hit $1.0852 for a 14.29 percent gain. Las Vegas dispensary Planet 13 Holdings Inc (PLNHF) rose $0.37 per share to $3.14, an increase of 13.36 percent.
Neptune Wellness Solutions Inc. (NEPT:CA) fell $0.44 per share to $3.61 for a loss of 10.86 percent. Aleafia Health Inc. (AH:CA) lost $0.05 per share, falling to $0.53, a decline of 8.62 percent. cbdMD Inc. (YCBD) fell $0.20 per share to $3.36 for a 5.62 percent drop.
1933 tries double the CBD
1933 Industries Inc. introduced a new “extra-strength” product to their portfolio on Wednesday under the brand name The Canna Hemp Plus line. According to the company, the product has double the amount of CBD at a competitive price. “Our exciting suite of wellness products continues to grow in a number of segments and price points. Over the last three years, we have earned the trust of our consumers by offering products that are effective, reliable and contain the highest quality CBD sourced in the USA”, stated Mr. Eugene Ruiz, President of 1933 Industries in a statement.
In other news
Leafbuyer Technologies, Inc. announced monthly cash sales rose 64 percent in July, making it a record sales month for the company. “We made a strong pivot at the start of the pandemic, and it is paying off. Exceeding our sales goals is a major focus of the organization,” said Kurt Rossner, CEO of Leafbuyer in a statement.
The fight for Black Lives continues across the country and in the cannabis industry. As Jeff Gray, founder of SC Labs, recently told The PotNetwork, “Economic equality is also critically important in the industry because without it getting into this industry is like starting a Monopoly game and somebody already owns half the property — the disadvantage is on you.” Read more of The PotNetwork’s interview with Gray here.
Benzinga reports that Argentina is opening its first industrial park for cannabis cultivation. It’s a public-private initiative, in collaboration with the company Clúster Agroindustrial y Tecnológico del Cannabis. Read more about it here.