Canadian Marijuana Sector June Month To Date Recap

June started better than the month of May. Definitely the lead up to the Vote to pass Bill C45 had investors motivated that the bill would pass and we saw an increase in volume compared to previous months. Unfortunately Friday the day after the bill passed no companies had any interesting news releases, and most of the releases were companies commenting on bill C45, which lead to a very non-eventful day of trading. Thankfully after hours, TGOD, WMD and 2 private companies received licences which will hopefully spark volume in the early trading on Monday. Month to date more than half the sector is in green and the average of all the companies has the sector up +3%

Now let’s take a look at the top 3 companies so far this month. With construction finally underway at the highly anticipated Weedon Project, Mym Nutraceuticals Inc (CSE:MYM+44.78% investors are definitely excited about this first steps of becoming one of the world’s largest producers and the share price definitely saw nice gains. Hopefully, we will be seeing updates for their Australia project in the near future.

Liberty Leaf holdings (CSE:LIB) +30.61% saw a positive share price, something they hadn’t seen in a while. LIB has been fairly quiet lately, the only explanation to the increase in share price would be that back in March they partnered with Cannabis Compliance inc (the same company that EPIC and other companies partnered up with). Also, LIB’s last monthly progress report management wrote they were “seeking out potential ventures to increase shareholder value,” which would mean maybe something is on the works for LIB and investors are buying before news hits.

Lexaria Bioscience Corp. (CSE:LXX) +28.57% is currently on a path to breakout past their 52 week high.  It seems that LXX is being granted new patents more regularly.  They are currently competing with Canopy (TSX:WEED) for the most patent applications as a Canadian company and they are competing with GW Pharmaceuticals (Nasdaq:GWPH) for most patents approved. Clearly, investors are noticing the hard work that LXX has been putting in, to compete with industry leaders, and this may one of the reasons for the fundamental breakout. At a technical standpoint, LXX started breaking key resistance levels towards the end of may and now is using those resistance levels as support. It is currently overbought and we will keep watching to see when the volume decreases and where the share price consolidates.


Disclaimer: The data found in the image of the top %gains is pulled from google finance and may not be 100% accurate, but gives a good representation of how the stock did for the month. We do currently own some stocks mentioned in the article above, we do not intend to sell or buy in the near future. Once again we are not financial advisors we are just providing you with information, this is not a buy or sell recommendation for more information please view full disclaimer here.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leave a Reply

avatar
  Subscribe  
Notify of