Canada to Legalize Cannabis October 17th; Huge Growth in Sector While Uncertainty Permeates Market
NEW YORK, Oct. 12, 2018 (GLOBE NEWSWIRE) — Cannagreed.com News Commentary
With Canada moving closer to fully legalizing Cannabis on October 17th, investors are intensely watching the sector. It has been reported in Medium that Walmart Inc, will be the first major retailer to carry CBD infused beverages. Many other Fortune 500 US companies in the alcohol and beverage industry have taken interest in the growth potential of Canada’s burgeoning marijuana industry and the untapped potential in the US market. While these companies ponder entering the market or making an acquisition of a company in the space, there are many existing public companies in the sector that could benefit from the legalization, and their stock prices have reflected such. Here are a few companies that have bucked the market trend and have benefited over the past week.
New Age Beverage the manufacturer and marketer of various beverages such as coconut water, energy drinks, and iced tea has seen its share prices skyrocket as much as 575% on the company’s announcement that it will be launching a CBD-infused beverage line. There has also been rampant speculation that Coca Cola is in talks with the company for a joint venture, investment, or take-over offer.
Youngevity International, Inc a omni-direct lifestyle company, with products in the coffee and water space, announced that it has entered into the CBD space with announced launch of its HEMPFX line starting out with two new hemp-derived cannabidiol products. The company’s stock rose over 40% to hit a 52-week high ($10.93) on the news, and was recently given a $36.00 price target by Seeking Alpha.
Puration, Inc, the manufacturer of sports nutrition drink, recently announced its intention to develop a CBD infused variation. The investment community has reacted well to the news, and earlier this week, Goldman Small Cap Research issued an updated research report that gave the company a target price-per-share of $0.25. Since the report was issued, Puration’s shares have risen as much as 100% over the past week.
American Premium Water Corporation (OTC: HIPH) a luxury consumer products company, which launched its CBD beverage at the end of August, has rocketed over 500% since the launch. The company which has the only hydro-nano CBD product on the market, announced a distribution agreement with SinglePoint, Inc to distribute the product. Earlier this week, SeeThruEquity raised upwards its price target to $0.30 for the company, which saw its stock rise over 30% after the release.
In this uncertain market, there is one thing that is certain, Cannabis stocks are trending green. The legalization in Canada next week should only increase these company’s valuations, and as big box retailers like WalMart look to capture the revenue, there are many companies that are positioned to benefit from the legalization efforts.
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