Salutations, Alpha traders! The middle of the week is upon us, and that means it’s time to see how our favorite stocks are doing right now. Here’s how it works: every week at Inside Alpha, we choose three stocks in a particular sector and check on their progress throughout the trading week.
When the week draws to a close, we select the winner according to percentage gain, and that winner is called the Alpha. Our focus this week has been three stocks in the cannabis (and related products and services) sector, where imminent legalization in Canada is a major factor.
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. So get ready, get set, and let’s go to the stock picks!
We’ll start with our first cannabis stock for this week, which is Emblem Corp. (EMC/EMMBF). Headquartered in Toronto, Ontario, Canada, Emblem Corp. produces, distributes, and sells medical cannabis and cannabis derivatives in Canada.
Taking a look at the price action of EMC stock, the shares ended trading on Friday at CAD$1.56, and at the end of the day on Tuesday, Emblem Corp. stock was CAD$1.56, representing a completely flat performance. We’ll find out soon enough if we can get some movement out of EMC stock.
Now we’ll move on to our second stock pick in the cannabis sector, Emerald Health Therapeutics, Inc. (EMH/EMHTF). Located in Victoria, B.C., Canada, Emerald Health Therapeutics, Inc. is a licensed producer of cannabis for medical purposes.
Concerning the stock price, shares of Emerald Health Therapeutics stock closed on Friday at CAD$4.75, and upon the close of the markets on Tuesday, EMH shares were CAD$4.82, signifying a gain of 1.5%. That’s not too bad at all, and it puts EMH stock in the lead so far.
And here is our third stock pick in the cannabis niche: INSYS Therapeutics, Inc. (NASDAQ:INSY). Based in Chandler, Arizona, INSYS Therapeutics, Inc. is a pharmaceutical company that develops and commercializes solutions, often cannabis-based, for pain and nausea related to a number of ailments.
Checking on the price action of the stock shares, INSY finished on Friday at $9.08, and when the closing bell rang on Tuesday, INSYS Therapeutics, Inc. stock cost $8.98, for a loss of 1.1%. This is a manageable loss and could easily be recovered in the next day or two – if things go well for INSYS Therapeutics, Inc.
There’s nothing more exciting than cannabis stocks, where the price can turn on a dime and hefty profits can be made. Be sure to keep your position sizes reasonable and trade carefully – we want to see you stay safe while you’re making money in cannabis stocks. Thanks and we’ll see you again in a couple of days, here on Inside Alpha!