Following the meteoric rise of cannabis stocks last year, most people expected the rally to continue into 2019. Instead, marijuana stocks entered a bear market and underperformed for most of the year.
Most cannabis stocks took a hit during the vaping crisis. However, some are rebounding and gaining momentum. This sector won’t match last year’s performance, but these down-and-out stocks could still end up finishing the year on a high note.
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Marijuana latest news
The cannabis industry is enduring a rocky 2019, despite more state legalizations in the US. However, the industry got a lift late last month when 2020 Democratic presidential candidate and socialist Vermont senator, Bernie Sanders, said he plans to legalize marijuana at the federal level if he is elected.
Sanders stated that he would direct the Justice Department to declassify marijuana as a controlled substance if he assumes office. He would also include a tax that would help fund his economic development initiatives.
The Best Marijuana Stocks to Trade Today
Despite the current bear market, some cannabis stocks have been performing well. Let us take a look at the top marijuana stocks to trade today.
Greenlane Holdings Inc. (NASDAQ: GNLN)
Greenlane is a global seller of premium cannabis accessories, CBD, and liquid nicotine products. The company’s stock has been on the rise over the past few days as it is expected to announce its quarterly results on Friday, November 8.
Greenlane’s stock was up by 3.56 percent during yesterday’s trading hours. It started the day trading at $3.93 but surged higher to end the day at $4.07.
Market analysts expect Greenlane to announce earnings of $0.06 per share for the last quarter. The surge came 24 hours after the company announced an exclusive distribution agreement with Santa Cruz Shedder.
Greenlane’s stock is down by roughly 80 percent YTD. However, it appears to be on the rebound.
Cronos Group Inc. (NASDAQ: CRON)
Cronos is a Canadian-based cannabis company that trades on both the NASDAQ and the Toronto Stock Exchange. The company’s stock is up by 1.86 percent over the past 24 hours. It was trading at $8.16 at the start of Tuesday’s trading session but ended the day trading at $8.23.
The stock went up following the IPO of Cronos Australia, a cannabis company in Australia jointly owned by Cronos and local private equity firm, NewSouthern Capital. Cronos now trades in Canada, the United States, and Australia, making it one of the largest cannabis companies in the world.
Cronos is also set to release its quarterly earnings on November 12. Market analysts expect the company to report a quarterly loss of $0.03 per share. The stock price could surge if the earnings come out better than expected. Experts expect revenues to reach $10.99 million, a 281.6 percent increase from the same quarter last year.
OrganiGram Holdings Inc. (NASDAQ: OGI)
OrganiGram had a torrid 2019 but recently rebounded to notch record gains over the past few days. OrganiGram’s stock is up by 5.83 percent over the past 24 hours, ending Tuesday’s trading session at $3.45.
The stock has been performing excellently over the past couple of days as more hedge funds increase their position in the company. More hedge funds are bullish on the stock, with Ardsley Partners increasing its stake to $6.4 million by the end of the second quarter.
Ancora Advisors, Springbok Capital, Diametric Capital, and Rima Senvest Management, have also increased their positions in the stock. The company has been rapidly boosting its production capacity, aiming to produce up to 113,000 kilograms of product per year before the end of 2019.
More Hot Marijuana Stocks
Marijuana stocks have been struggling since the start of the year, but a few of them are starting to turn things around. Stay tuned to the Dork to keep track of the top marijuana stocks to trade. Follow us on Twitter and Facebook for trending stock market news, and don’t forget to sign up for Dork Alerts to get all the hottest stock picks, insights, and analysis delivered right to your inbox.