MedMen stock experienced the most significant gains of leading cannabis stocks in October
October was a trying month for the largest and most popular cannabis stocks on the market. The vast majority of them, 27 out of 33, ended the month down by a double-digit percentage. Only three of the top 33 marijuana stocks finished October with gains.
After nine decades of prohibition in Canada, legal cannabis made a major splash on the market. However, the moment was so highly-anticipated and overhyped that it fell short of expectations and caused most industry stocks to take dramatic downturns.
Among the 33 leading stocks, 19 lost 20 percent or more of their value. While the majority struggled, three stocks clocked a successful October: MedMen Enterprises, MariMed, and Origin House.
MedMen saw the highest gains of any marijuana stock last month, ending October 29.2 percent up. The company was boosted by the announcement of its major U.S. expansion plans. It acquired the privately held retailer PharmaCann for $682 million. It was the largest U.S.-based marijuana acquisition to date.
MariMed ended October up 18.9 percent as the top-performing pot stock during the second quarter. The company finalized a high-profile acquisition of its own in October, purchasing BSC Group in New Jersey. The consulting firm is expected to strengthen MariMed’s operations and branding in New Jersey and other markets.
Origin House was only up 3.9 percent by October 31, but it is significant in a sea of stock value losses. Formerly known as CannaRoyalty, Origin House acquired RVR Distribution last month, a prominently-positioned distribution company in California.
