Marijuana is snatching airtime from cryptocurrencies as the stocks of companies linked to cannabis go into a state of frenzy.
With the legalization of marijuana in Canada only a month away, everyone is looking for investment in the pot stocks. Marijuana legalization has also spread across U.S. states. Investor interest in the industry continues to rise as leading pot players continue to break down legal barriers.
Currently, nine states have legalized recreational marijuana, while 29 states have legalized medical weed.
Tilray Inc., the global leader in medical cannabis research, cultivation, processing and distribution is the first GMP-certified medical cannabis producer to supply cannabis flower and extract products to thousands of hospitals, governments and researchers on five different continents.
A simple google search shows us exactly what is going down in global market. This is Tilray’s stock graph for the past 5 days:
Notice the irregularities? This has now become the normal. Price soars and drops just like crypto back in 2017. But what’s more noticeable is the interest people showed in cannabis just now. This is Tilray’s graph for the past year:
Beneath are the trading graphs for The Cronos Group and Canopy Growth Corp. The Cronos Group was the first cannabis related firm to make its trading debut on Nasdaq in February, while Canopy Growth Corp. became NYSE’s first cannabis listing in May. NYSE and NASDAQ are both stock exchanges but the essential difference between the NYSE and NASDAQ is their trading principles. NYSE is an auction market, while the NASDAQ is a dealer’s market.
The pot market is crazy hot right now. Chris Damas, author of the BCMI Cannabis Report, wrote in a note to clients:
All the big names are getting hammered. For day traders with cash, this could be a smart entry point. For the rest, stop and take a few deep breaths if you own a lot of cannabis stocks. Then think about the maximum exposure you can tolerate.
With all these crazy curves that cannabis is looking at, there is only one thing left to say: All hail cannabis — the new crypto.