It continues to be an exciting week if you’re investing in cannabis companies. The investor interest – and stock price – has been surging in a way we haven’t seen for years. Our latest Trade To Black Podcast was a livestream with host Shadd Dales, lead financial writer Benjamin A. Smith and millennial investor Anthony Varrell. In it, we are discussing the strong performance of cannabis stocks for Tuesday.
Among some of the biggest movers for the day, AYR Wellness (CSE: AYR.A) continued it’s surge up over 45% on the day. MSOS (NYSE: MSOS) was up another 18% with trade volume surpassing over 18m. MSOX (NYSE: MSOX) was up 32%, and in a surprising move, 4Front Ventures Corp. (CSE: FFNT) closed for the day up 37%. Tilray (NASDAQ: TLRY) lost momentum towards the end of the day, but they still finished up on the day at 3%.
Needless to say, some of this action ended up being a little big more impressive than we speculated, especially considering the broad market and DOW closed down 200 points. Anthony admits he had anticipated more of a flat to modest rise, and even Benjamin says that though he expected a rise, not to this degree. What happened instead bodes well for the west of the week, as it looks as though the freight train isn’t ready to slow down just yet.
Not one to let an opportunity like this pass by, Chuck Schumer has raised the issue of SAFE Banking once more. Could there be a possibility now that SAFE Banking might get passed early, in advance of anticipated rescheduling? Check out the VOD of our livestream to hear all of our feedback on cannabis stock trading of the day.
Do you think the industry has enough staying power to continue this trend for the remainder of the week? Share your thoughts here or on our social channels.