The Coronavirus Outbreak Has Forced Many to Self-Quarantine, Resulting in Surging Demand for Cannabis
In Reaction to the Spike in Demand for Pot Products, These Cannabis Stocks Soared Today as Markets Fell Again
More and more people around North America have decided self-quarantine as the Coronavirus pandemic continues to spread. Many American and Canadian businesses are now closed due to the government’s decision to require non-essential businesses to shut down for the time being to help mitigate the spread of COVID-19.
With most individuals now hunkered down at home for at least the next week or two, many have turned to cannabis as their vice of choice to help them cope or simply just kill time. In some states such as California, cannabis has been declared an essential service, a decision that’s provided the industry with a huge economic boost during the Coronavirus crisis. For those not willing to leave home, many cannabis firms in the U.S. offer delivery services, and it’s widely reported that people are taking full advantage of it.
Over the weekend, many large media outlets ran stories on the topic of skyrocketing retail pot sales and demand for cannabis delivery. It seems this coverage caught the attention of cannabis investors as many North American pot stocks soared today. Most U.S. marijuana stocks had a very strong day, which helped lead the overall sector higher.
Unfortunately, a handful of Pot Stocks still got crushed today as the Dow Jones Industrial Average (DJIA) dropped another -582.05 points (-3.04%), but overall, the majority of Cannabis Stocks (mostly U.S.) rallied big time today, with many closing the day up double digits.
To give you a better idea of the cannabis sector did today, here are the top 10 winners and losers for Monday, March 23, 2020.
- SOL Global (CSE: SOL) (OTCPK: SOLCF) (FRA: 9SB) | +28.6%
- Hollister Biosciences (CSE: HOLL) (OTC: HSTRF) (FRA: HOB) | +20%
- TransCanna (CSE: TCAN) (OTC: TCNAF) (FRA: TH8) | +17.7%
- iAnthus (CSE: IAN) (OTCQX: ITHUF) (FRA: 2IA) | +16.2%
- Cresco Labs (CSE: CL) (OTCQX: CRLBF) (FRA: 6CQ) | +16.1%
- CannTrust (TSX: TRST) (NYSE: CTST) (FRA: C9S) | +15%
- Trulieve Cannabis (CSE: TRUL) (OTCQX: TCNNF) | +12.5%
- Curaleaf Holdings (CSE: CURA) (OTCQX: CURLF) | +11.4%
- MediPharm Labs (TSX: LABS) (OTCQX: MEDIF) (FRA: MLZ) | +10%
- Liberty Health (CSE: LHS) (OTCQX: LHSIF) (FRA: S6UQ) | +9.2%
- Green Growth Brands (CSE: GGB) (OTCQB: GGBXF) | -26.7%
- Supreme Cannabis (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) | -12.5%
- Cannabix Technologies (CSE: BLO) (OTCPK: BLOZF) | -11.1%
- 48North (TSXV: NRTH) (OTCPK: NCNNF) | -10.5%
- Isodiol International (CSE: ISOL) (OTCQB: ISOLF) | -10%
- Tetra Bio-Pharma (TSXV: TBP) (OTCQB: TBPMF) (FRA: JAM1) | -8.7%
- Acreage Holdings (CSE: ACRG.U) (OTCQX: ACRGF) (FSE: 0VZ) | -5.6%
- Cronos Group (TSX: CRON) (NASDAQ: CRON) (FRA: 7CI) | -5.5%
- Aurora Cannabis (TSX: ACB) (NYSE: ACB) (FRA: 21P) | -4.8%
- Aleafia Health (TSX: ALEF) (OTCQX: ALEAF) (FRA: ARAH) | -4.4%
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Disclosure: Hollister is a client of The Cannabis Investor. TransCanna and Aleafia are previous clients of The Cannabis Investor. The Cannabis Investor does not hold a position in any of the other stocks mentioned in this article.
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