Canadian markets began to rebound today as the North American Marijuana Index bounced back from yesterday’s 13 point loss by gaining four percent at the close of trading today. After a volatile day of trading on Wednesday that saw the Index closed at 160.5, the market took an upswing, closing at 167.17. The market looked rough a little early on as trading began, with the Index falling to a low of 156.76, but it quickly picked up by 10 AM, hitting 164 within the first hour of trading this morning. Investors can rest a bit easier this evening after yesterday’s slight scare.
United States Index
After a close of 63.04 on Wednesday, the U.S. Marijuana Index kept investors guessing today, jumping around from a high of 63.62 this morning to a low of 61.50 this afternoon. Wednesday’s announcement by U.S. Attorney General Jeff Sessions that the Department of Justice is exploring a new “rational” marijuana policy (hint: it’s probably anything but) appears to be keeping investors on the bench right now. The Index closed at 62.25 for a one percent loss.
On Wednesday the Canadian Marijuana Index dropped 12 percent, piggybacking off of a terrible day for the Toronto Stock Exchange (TSX) which saw an amazing sixty-two point loss yesterday. The Canadian Index closed at 390.63 on Wednesday and hit as low as 376.45 during trading today before correcting itself back up to 424.50 by close of trading. As the markets closed on Thursday, the Canadian Marijuana Index gained back 8 percent, a sign that investors are not yet running for the hills.
Winners and Losers
There were significant gains on the Index today, a big reversal from the events of yesterday. GW Pharmaceuticals (GWPH) price shot up 3.920, an increase of 3.25 percent. It appears that the Aurora-CanniMed soap opera is still good news for investors on both sides of the drama, as each company saw gains today. Aurora Cannabis Inc.’s (ACB:CA) price increased 1.250 for a gain of 18.52, while CanniMed Therapeutics Inc.’s (CMED:CA) price increased 1.090 for an increase of 5.91 percent.
Losses today were minimal across the board, another nice change from yesterday’s horror show on the Index. Kush Bottles Inc. (KSHB), who announced on Thursday a YoY revenue increase of 129 percent, fell 0.135, a 4.54 percent drop. CannaRoyalty Corp. (CRZ:CNX) saw their price drop .110, while Cannabis Sativa Inc. (CBDS) had a similar loss of .099.
Top Revenue Producers
Taking a look at the cannabis stocks with the most revenue, in the U.S. Terra Tech (OTCQX: TRTC) brought in $8.67 million for the quarter ending September 30. In Canada Canopy Growth (TSX: WEED) is far and away from the pack, having brought in CAD$17.57 million during the same quarter, a YoY growth of 107 percent. The Public Cannabis Company Revenue Tracker tracks the top revenue makers in the cannabis industry on both sides of the border.
For more on The Marijuana Index, including the methodology, go to marijuanaindex.com.