3 Best Cannabis Stocks to Trade This Week

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It has been a brutal 2019 for cannabis stocks following its 2018 boom. Most cannabis stocks have lost a large chunk of their value since the start of the year. However, they could still end the year on a high.

Recreational and medicinal marijuana has been legalized in nine states in the US. More states are working on legalizing it, and this could be a big boost for the cannabis industry. With the US economy performing excellently in recent months, cannabis stocks could make a late rally in the next two months.

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Latest Cannabis News

The marijuana industry has been gaining a lot of attention and support from high-profile names over the past few weeks. In October, US Presidential candidate, Bernie Sanders, stated that he would legalize cannabis nationwide if elected as president.

A strong presidential aspirant supporting the legalization of marijuana is a big plus for the industry. On Friday, November 8, former NBA Commissioner David Stern noted that the NBA’s ban on cannabis is outdated.

He urged the league to reconsider their position in the next collective bargaining agreement.  According to Stern, the NBA should look at marijuana in a new light.

Another high profile name to be recently associated with cannabis is Drake. The musician recently partnered with the Ontario-based marijuana company, Canopy Growth, as they seek to expand their celebrity portfolio.

cannabis stock image
After a rough few months, cannabis stocks are starting to gain momentum over the last few weeks.

3 Best Cannabis Stocks To Trade This Week

The cannabis industry has had an exciting few weeks, with mixed performances from the stocks. Here are the top 3 cannabis stocks to trade this week.

Canopy Growth (CGC)

Canadian cannabis company, Canopy Growth is one of the leading companies in the industry. The stock has lost 32% of its value year-to-date, having recovered some of its value over the past month.

On Thursday, November 7, the company announced that it has partnered with musician Drake to launch its ore Life Growth Co. brand. The company is looking to expand its celebrity portfolio, after adding Martha Stewart to serve as an advisor.

The addition of Drake means that Canopy Growth now works with the musician alongside Martha Stewart and Snoop Dogg.

drake grammy
Canopy Growth recently teamed up with recording personality Drake to promote its products, as part of a marketing pivot towards influencers.

Canopy Growth is set to release its quarterly earnings on Thursday, November 14. MKM Partners lowered its quarterly estimate for the company. The analyst expects net sales for Canopy to drop by 18% during the last quarter.

While the company’s stock is still down, the recent recovery could indicate that it could surge higher before the end of 2019. The stock plunged by 5.17% on Tuesday’s trading session and is currently down by 1.09% at Wednesday’s pre-market trading.

Aurora Cannabis (ACB)

Aurora Cannabis is one of the cheapest marijuana stocks currently trading on the market. The stock is down by more than 50% since the start of 2019 but represents a good buy due to its price and potential.

Aurora’s stock is up by 0.84% after Tuesday’s trading hours and could surge higher over the coming days. Aurora will release its quarterly earnings report on Thursday, November 14. Aurora is expected to deliver excellent results due to its significant international operations.

CEO Michael Singer recently stated that the company has big plans for the US market. The company expects a massive increase in sales in the United States over the coming quarters. Aurora’s stock has recovered some of its value over the past month. It could go higher if the company delivers better-than-expected Q1 results.

Cronos Group (CRON)

Cronos is another cheap cannabis stock. Similar to the others, Cronos’s stock had a rough 2019. However, it rebounded over the last month and was up by 0.51% in pre-market trading on Wednesday.

The company reported its Q3 revenue on November 11, and it was below analysts’ estimation. Cronos reported an EPS loss of $0.02, which is lower than the Zacks Consensus Estimate of a loss of $0.03. The revenue generated in the quarter was $10.10 million, which also missed the Zacks Consensus Estimate by 3.05%.

Despite its underperformance, Cronos remains one of the most influential cannabis stocks to buy at the moment.

More On Best Cannabis Stocks

Cannabis stocks bounced back over the past month, after stumbling in spring. For more on marijuana stocks and all the latest stock market news, follow The Dork on Facebook and Twitter. Also, don’t forget to sign up for Dork Alerts to get all the latest hot stock picks, insights, and analysis.

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Hassan Maishera is a cryptocurrency expert and a Stock Dork freelance contibutor.

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