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Like most industries, the cannabis space has been impacted by COVID-19, which has been spreading in earnest across the world over the past two months.
The struggling cannabis market has faced unique headwinds due to the virus, including questions about if marijuana is essential and if companies can access federal stimulus funds. However, it also seems to be benefit from storage behavior of buyers under confinement.
In this difficult environment, some Canadian cannabis stocks have still managed to rise this year. The list below shows the TSXV- and CSE-listed marijuana companies that are the fastest rising year-to-date.
All data collected on April 27, 2020, using TradingView’s stock screener, and the companies included had market capitalizations greater than C$10 million at that time. Cannabis companies listed on the TSX were also considered, but none rose enough to make the list.
Current stock price: C$0.83; Gain since the beginning of the year: 85.19%
Chemesis International is a vertically integrated multi-state operator that also works in Puerto Rico and Colombia. Among other lines of business, it has 10 dispensaries in California, Puerto Rico, Texas, and Tennessee, with five more on the way, and cultivation facilities in Puerto Rico and Colombia.
The company reached its share price peak for this year on Jan. 15, when it hit C$1.32. The news fell a few days after Chemesis announced a favorable judgment a Puerto Rican court regarding cannabis licenses held by its subsidiary, Natural Ventures PR.
the decision was appealed by the Puerto Rico Department of Health, but the subsidiary’s cannabis cultivation and manufacturing licenses have been reinstated at the beginning of February. Chemesis saw more positive share price action a few days later, hitting C$1.06 on Feb. 7.
2. Indiva (TSXV:NDVA)
Current stock price: C$0.40; Gain since the beginning of the year: 63.27%
Canadian licensed producer Indiva produces cannabis and cannabis products, and provides production and manufacturing services. Its product list includes flowers, edibles, oils, and accessories, and the company has several brands under its umbrella.
Indiva’s share price soared in mid-February when it hit C$0.44, but it also rose in April – by the end of the month it was back around C$0.44. this level. More recently, investors seem to have reacted positively to the announcement of the first shipment of cannabis-infused products in British Columbia and the release of its preliminary financial and operational results for Q1.
The company said net sales for the period are expected to be between $2 million and $2.2 million, compared to $0.3 million in the prior period. She attributed the increase to receiving her license to sell edibles. According to Indiva, its Bhang milk and dark chocolate, which are part of its Cannabis 2.0 rollout, are the two best sellers at the Ontario Cannabis Store.
3. IM Cannabis (CST:IMCC)
Current stock price: C$0.49; gain since the beginning of the year: 41.18%
IM Cannabis presents itself as an international medical cannabis company and a well-known Israeli brand of medical cannabis products. Israel is its main market, but it also has fully integrated European operations.
The high point so far this year for IM Cannabis’ share price came on January 22, when it hit C$0.51. About a week after that, he announced the continuous expansion of its European presence with the signing of definitive agreements for the creation of a joint venture for the cultivation and processing of medical cannabis in Greece. IM Cannabis said it would own 25% of the joint venture.
Like Indiva, IM Cannabis is almost at that level again now after a drop. His last news fell on April 21, when he announced a three-year sales contract between Focus Medical Herbs and PharmYarok of Israel. The deal for 12,600 kilograms of IM Cannabis-branded medical cannabis is expected to bring IM Cannabis approximately $71.6 million in consolidated revenue beginning in 2021.
4. SpeakEasy Cannabis Club (CST:EASY)
Current stock price: C$0.45; Gain since the beginning of the year: 40.63%
SpeakEasy Cannabis Club, another licensed Canadian producer, owns 290 acres of land in Rock Creek, British Columbia. He grows high-quality craft cannabis in small batches in a 10,000 square foot indoor facility and this spring plans to begin cultivation outdoors in a 60-acre field.
The company’s stock price was at its highest level since the start of the year on April 6, when it hit C$0.53. That day, SpeakEasy received an amendment to its license from Health Canada for its outdoor land. The amendment allowed it to expand its licensed cultivation area from 10,000 square feet to over 2.6 million square feet, an increase of more than 250 times.
5. Body and mind (CSE:BAM)
Current stock price: C$0.67; Gain since the beginning of the year: 23.64%
Multi-state operator Body and Mind has operations in Nevada, California, Arkansas and Ohio, and is engaged in the cultivation, production and retail of medical and recreational cannabis. Its products include dried flowers, edibles, oils and extracts, as well as GPEN Gio cartridges.
The company’s stock price is currently at its year-high of C$0.67 after rising throughout April. Its latest version was released on April 23, when it shared an update on the measures it has put in place to combat COVID-19. He also opened a new medical and recreational dispensary in San Diego in April.
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Securities Disclosure: I, Charlotte McLeod, have no direct investment interests in any of the companies mentioned in this article.
Editorial Disclosure: Chemesis International is a client of Investing News Network. This article is not paid content.
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