Market Downturn Causes 7 Cannabis Stocks to Drop Off the $1 Billion+ Market Cap List
Currently Only These 10 Marijuana Stocks Remain Above the Coveted Threshold
At the height of the cannabis stocks frenzy, the market showcased 17 companies with valuations over $1 billion. Since that point, prices have come back to earth and most marijuana stocks are now trading at more attractive sales and projected EBITDA multiples.
Long term cannabis investors may want to take this time to consider an investment in these companies while prices are still low. The cannabis sector is famous for making exaggerated runs to the upside as well as the downside like we are seeing now. As the negative CannTrust Scandal and Vape Crisis related news continue to blow over, it’s likely only a matter of time until the industry’s top players reverse off the bottom and begin a new upswing. All markets trade in cycles and the cannabis sector is no different. Many industry experts believe we could possibly see another 10% to the downside but that’s probably it. Short sellers are running out of time and upside at these levels.
At the cannabis market’s peak, stocks such as Organigram (TSX: OGI) (NASDAQ: OGI), Charlotte’s Web (TSX: CWEB) (OTCQX: CWBHF), Trulieve (CSE: TRUL) (OTCQX: TCNNF), Acreage Holdings (CSE: ACRG.U) (OTCQX: ACRGF), Cresco Labs (CSE: CL) (OTCQX: CRLBF), CannTrust (TSX: TRST) (NYSE: CTST) and Harvest Health (CSE: HARV) (OTCQX: HRVSF) all sported market caps of over $1 billion.
In the volatile cannabis sector, a lot of things can change over the course of a year. At this current point in time, there are only 10 marijuana stocks with market caps over the $1 billion mark.
We’ve put together the following list of the top 10 cannabis stocks with market caps above $1 billion CDN. The list is ranked in order of highest to lowest and all numbers are in CDN unless otherwise stated.
Investors looking to take advantage of low valuations can use this watchlist as a starting point.
- Current Market Cap: $10.61 Billion
- 2019 YTD ROI: –17.31%
- Current Market Cap: $5.96 Billion
- 2019 YTD ROI: -17.19%
- Current Market Cap: $3.70 Billion USD ($4.92 Billion CDN)
- 2019 YTD ROI: +23.86%
- Current Market Cap: $4.10 Billion
- 2019 YTD ROI: -15.75%
- Current Market Cap: $4.01 Billion
- 2019 YTD ROI: +35.94%
- Current Market Cap: $2.35 Billion USD ($3.13 Billion CDN)
- 2019 YTD ROI: -65.21%
- Current Market Cap: $2.52 Billion
- 2019 YTD ROI: +10.43%
- Current Market Cap: $1.80 Billion
- 2019 YTD ROI: -5.48%
- Current Market Cap: $1.39 Billion
- 2019 YTD ROI: +9.54%
- Current Market Cap: $1.03 Billion USD ($1.37 Billion CDN)
- 2019 YTD ROI: +98.73%
Charts source: Barchart.com
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