The cannabis stock market is proving to be more resilient than any other
The cannabis industry has been getting some relief this month, and several stocks are increasing their value due to recent announcements that were made by more than one company. The better the companies perform, the more value the cannabis exchange-traded funds (ETF) have, and that is exactly what has been happening for most of the cannabis ETFs. One of the biggest impacts coming from one specific cannabis stock might the biggest responsible for the rise in the ETF’s that has been reported during this past month. Canopy Growth Corp continues to do things right and it has climbed 14.9%.
The best non-leveraged ETS that are showing great performances are the ETFMG Alternative Harvest ETF, which has increased by 4.3%., and Global X Cannabis ETF with its 4.9% spike. Cambria Cannabis ETF is up 2.7%, and AdvisorShares Pure Cannabis ETF has gained 3.5%. Adding to the list are Amplify Seymour Cannabis ETF – up 4.0% – and The Cannabis ETF, with an impressive increase of 5.1%.
Besides Canopy Growth being a major contributor to the jump in the overall stock value, other deals like recent acquisitions on behalf of other larger spots like Curaleaf, are also making a difference as well as other announcements made by other companies. Canopy continues with its process of recovering lost market share in the US cannabis industry through its shopcanopy.com, which aims to break into the cannabidiol (CBD) market. In addition to that, the company has partnered up with the celebrity businesswoman Martha Stewart to come up with a new line of CBD-products that aim to become a must-have product for everyone.
According to Canopy Growth, Stewart’s brand will “combine gourmet flavors — developed by Martha herself — with the purest, safest CBD isolate.” The products were “specifically formulated with guidance from Martha herself.” The products are not yet available on Canopy’s website.