Marijuana News Today
I won’t belabor the point that the midterm elections are hugely important to the U.S. marijuana market, but the marijuana news today is really about what’s happening tonight rather than today.
As I’ve written several times before, a number of Americans are headed to the polls today with a state proposal for some form of marijuana legalization on the table.
Michigan and North Dakota are voting to legalize recreational pot today, while Utah and Missouri are facing a referendum on medicinal pot.
In all cases, any victory at the polls for marijuana brings us one step closer to a U.S. marijuana market being fully opened.
Having said that, in the midst of the political impact on the marijuana industry, we’re seeing a massive rally take place across several marijuana stocks.
With that being the case, let’s take a look at the pot stocks that are leading today’s gains.
Canopy Growth Corp (NYSE:CGC) is among the top performers in the marijuana news today.
CGC stock jumped about seven percent in early-morning trading, continuing what has been a very impressive run over the past few days.
While I predicted a correction was in store for the marijuana industry—with many marijuana stocks losing value over the past couple weeks—I projected that pullback to take several weeks to run its course.
The current surge doesn’t necessarily mean we won’t be seeing a pullback set in again in the near future, but it does mean that at the very least, we’re seeing a period of intense growth to offset a more drawn-out correction.
On the flip side, if I’m mistaken and we’ve already seen the worst that this pullback has to offer, then this run could be the beginning of another special time in the marijuana industry.
CGC stock is up about 26% over the past five days, speaking to a massive rally taking place across the industry.
Again, this doesn’t mean that we’ve for sure made it through to the other side of this correction. But, it could very well mean that we have seen the end, which would put us in line for a huge rally in the market.
As always, CGC stock remains among my favorites in the marijuana industry due to its strong foundations.
There is simply no other company in the industry that has all the groundwork for years of growth in the industry the way CGC stock does.
While marijuana penny stocks and other lesser-known companies may provide more potential for short-term growth, CGC stock represents a safe pick to see strong gains for years to come.
While many pot stocks saw strong gains today, Cronos Group Inc (NASDAQ:CRON) led the way with an impressive double-digit rise this morning.
Up about 10%, CRON stock has been among the strongest performers over the course of this mini-run in the marijuana market.
The company saw a gain of about 28% over the past five days.
CRON stock has always been a tad more volatile than its competitors. That’s in large part due to its presence on the Nasdaq.
While many marijuana stocks are looking to join the New York Stock Exchange (NYSE), the Nasdaq remains relatively untapped by the marijuana market.
With its unique position being one of the only pot stocks on the exchange, CRON stock often marches to its own beat. Over the past few days, however, it has joined in on the industry trend upward.
Another one of my favorite marijuana stocks that saw its share price surge today is Hexo Corp(OTCMKTS:HYYDF, TSE:HEXO).
Hexo stock is not unlike CGC in that they both have very strong foundations via supply agreements, expanding production capacity, and a globally-minded approach to the pot industry.
HYYDF stock leaped about seven percent in early-morning trading. Much like CGC stock, it finds itself up about 30% over the past five days.
Even better for Hexo stock is its upcoming listing on the NYSE.
This could be a huge moment for the company, opening it up to another massive stream of capital via the international NYSE exchange.
What makes this move truly exciting, however, is that it’s pegged for December. If the correction has totally dissipated and we’re in a boom time come December, then expect to see huge gains out of Hexo stock as its share price-pushing event coincides with a bullish market.
CGC, CRON, and HYYDF Stock Performances
The CGC stock (black line), CRON stock (blue line), and HYYDF stock (red line) performances from the past week are seen in the chart below:
Chart courtesy of StockCharts.com
The results of the midterm elections today will have a huge bearing on the future of marijuana in the U.S.
That extends beyond the states facing a referendum on pot to the politicians that will soon come to control the legislative process for the next few years.
While no party has gone all-in on marijuana yet, the Democrats are far more permissive of pro-marijuana policy than they’ve ever been. If they succeed today, expect to see a friendlier tone on pot moving forward.
And amidst all this, we’re seeing the marijuana industry soar, giving investors plenty to be excited about in the meantime.