CanniMed Therapeutics Inc. released their quarterly earnings report just before trading started on June 12th. The impressive report showed CanniMed’s sales growth had soared over 66% from the previous year. CanniMed’s great year is seemingly just getting started, as stock prices have climbed 30% since the release of the quarterly report.
As with all new markets, volatility has the tendency to discourage new investors. As we’ve reported here before, the Canadian MMJ market is in its infancy and will see exponential growth in the years to come. With CanniMed, the increase in stock price can be tied directly to their impressive growth over the last year or so. Their stock is listed on the TSX under the ticker CMED, and hit a low of around $7.32 before the June 15th report date. Since then, the stock has risen to a high of $9.77. CanniMed peaked this year at a high of $13.35, which shows a range of support that could easily be reached again.
With the recent reports from Health Canada showing the incredible growth rate of medical marijuana throughout the country, it should be no surprise that CanniMed and the other major players in the cannabis industry are seeing unheard of growth. CanniMed’s stock is heading back to all time highs, driven by increasing demand and excitement over the future of legal cannabis. Investing in cannabis stocks like CanniMed is a great way to support the industry and capture a piece of the action before this ship sails for good.
Davie is a long time cannabis professional who has worked not only as a cultivator but in all aspects of retail cannabis. From budtender, to wholesale and retail management, and from harvester to advanced hydroponic specialist, Davie has been around the block more than once. Now residing in beautiful British Columbia, Davie now works with acres of greenhouses, producing some of the best buds in the country.