Cannabis Stocks Opened on a High Note First Quarter With 40% Index Growth
New York City – May 22, 2018 /AxisWire/ The Green Market Report (GMR), the cannabis industry’s most trusted source for credible in-depth financial and economic reporting, today released its 2019 Cannabis Company Index Q1 Summary Report. The report can be downloaded at GreenMarketReport.com/Reports.
The GMR Index follows the trading activity of 30 selected public cannabis companies that denote market dominance. The Company Index started 2019 on a high note as the first quarter jumped 40% and essentially recovering from the dismal fourth quarter of 2018. The broader stock market sold off at the end of the year and it took cannabis stocks along for the ride into the red territory. While the Farm Bill passage in December set the stage for stocks in the first quarter, Congress wasn’t through waving a green flag for the cannabis industry. . At the end of March, The House Financial Services Committee voted 45 to 15 to advance the Secure and Fair Enforcement (SAFE) Banking Act.
Despite all the positive news flowing through the cannabis industry, high profile lawsuits also reminded investors that the cannabis industry isn’t as mature as others. International markets are opening up to import and export. And U.S. exchanges are playing with Canadian companies while avoiding American ones.
“2019 is off to a good start for cannabis companies. Many stock valuations have recovered from the late 2018 selloff as the government seemed to soften its approach towards cannabis ,” stated Debra Borchardt, CEO of Green Market Report.
The best performing stock in the GMR Index was Origin House followed by The Green Organic Dutchman, who was the biggest loser last quarter. The biggest loser in the GMR Index was AeroGrow International.
The Index decided to add SLANG Worldwide Inc. and TILT Holdings Inc. While the Index was sad to let AeroGrow go, although it is the smallest of the publicly traded companies, as well as MedMen amid all of their legal woes.
“SLANG Worldwide has so many positives going for it. This was an easy name to add to the Index,” added Borchardt. “TILT Holdings though surprised the market with a large write down shortly after being added to the Index. We’ll monitor the stock closely. .”
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