Hey there, Inside Alpha readers! We’re back in action with a brand-new week of trading action, and like we do each and every week at Inside Alpha, we’ll be carefully selecting three stocks in a particular sector and monitoring their progress throughout the trading week.
As the week approaches the finish line, we will announce the winner according to percentage gain, and that winner will be known as the Alpha. For this week, we will focus on three stocks in the cannabis (and related products and services) sector; it’s a red-hot market for cannabis and people are looking forward to policy changes that might boost the stock prices soon.
Please note that for Canadian stocks that have both Canadian and U.S. versions, I will use the Canadian version, but the U.S. version will likely have similar results on a percentage gain-or-loss basis. If you’re ready, let’s skip the formalities and get into some pot stocks!
Our first cannabis stock for the week will be Emblem Corp. (EMC/EMMBF). This company is located in Toronto, Ontario, Canada, and they produce, distribute, and sell medical cannabis and cannabis derivatives in Canada.
Encouraging news for Emblem Corp. investors arrived recently when the firm announced that they had commenced clinical testing of 12-hour extended-release cannabis tablets. Concerning the price action of EMC stock, the shares ended trading last week at CAD$1.56; it will be interesting to see how the price action of EMC stock progresses from here.
Cannabis stock number two will be Emerald Health Therapeutics, Inc. (EMH/EMHTF). This company is based in Victoria, B.C., Canada, and they are a licensed producer of cannabis for medical purposes.
We spotted Emerald Health Therapeutics in the news recently when the firm announced that they had purchased 500 acres of CBD-containing hemp biomass for extraction into CBD oil. Regarding the stock price, shares of Emerald Health Therapeutics stock finished last week at CAD$4.75; the coming days will let us know if EMH shares are ready to take off.
The third cannabis stock we’ll be watching is INSYS Therapeutics, Inc. (NASDAQ:INSY). This firm is headquartered in Chandler, Arizona, and they are a pharmaceutical company that develops and commercializes solutions, often cannabis-based, for pain and nausea related to a number of ailments.
People surely took notice when INSYS Therapeutics recently announced that they had signed a license agreement with Lunatus to commercialize SUBSYS (fentanyl sublingual spray) in the Middle East. Looking now at the price action of the stock shares, we can observe that INSY stock shares finished last week’s trading at $9.08; soon enough, traders and investors will know if this stock is headed for big gains.
These three cannabis stock picks have the potential to make outsized moves in the next few days, so don’t miss out on the next edition of Inside Alpha, where we bring you the best stock picks in every sector of the market. Until then, by all means, stay safe and stay profitable!