Pot stocks are flying high today

Although the market is struggling to stay in positive territory today, one group of shares is flying high.

At the time of writing this is the state of play in the pot stock industry:

  • The Auscann Group Holdings Ltd (ASX: AC8) share price has jumped 10% to 74.5 cents.
  • The Cann Group Ltd (ASX: CAN) share price is 6% higher at $2.67.
  • The Creso Pharma Ltd (ASX: CPH) share price has climbed 6.5% to 91.5 cents.
  • The Hydroponics Company Ltd (ASX: THC) share price has surged 11% higher to 70 cents.
  • The MMJ Phytotech Ltd (ASX: MMJ) share price is up 5% to 41.5 cents.
  • The Zelda Therapeutics Ltd (ASX: ZLD) share price is 2% higher at 9.2 cents.

What happened?

With no news out of any of the pot stocks, today’s push higher could be down to day trading or investors betting on a big year ahead for the industry.

It is admittedly an exciting time for the industry. Loosening regulations in Australia and the legalising of recreational use in Canada means that a lot of these companies are on the verge of finally generating meaningful revenues.

I’d suggest investors keep a close eye on Creso Pharma next year. As well as the medicinal market for both humans and companion animals, the company has launched edibles and has exposure to the recreational market in Canada following a recent acquisition. If one of its many revenue streams takes off, so could its shares.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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