On October 17, 2018 Canada officially became the first G7 nation in the world to legalize recreational Cannabis. During the lead up Marijuana stocks soared in anticipation of this historic event.
One of the main questions on every investors mind was “Now that Cannabis is officially legal, how will the market react to this news?”. As the old saying goes, buy the mystery, sell the history. Our question was answered. The Cannabis market sold off in record breaking fashion. Many stocks losing 30%+ of their value in 2-3 trading days. Yesterday and today being the worst.
Now that the dust has began to settle and stocks are now stabilizing we took a deeper look at 3 stocks that could be considered oversold and also have a near term major catalysts.
1. Aleafia Health Inc. (TSXV: ALEF) (OTCQX: ALEAF)
Market Cap: $344 million
RSI: 44.25
Catalysts: Potential NASDAQ uplisting and Serruya family One Plant joint venture.
2. Aurora Cannabis Inc. (TSX: ACB) (OTCQX: ACBFF)
RSI: 42.11
Market Cap: $10.9 billion
Catalysts: NYSE uplisting.
3. Aphria Inc. (TSX: APH) (OTCQB: APHQF)
RSI: 42.7
Market Cap: $3.9 billion
Catalysts: Potential NYSE uplisting.
Best of luck to you all and happy trading.
Ryan Troup
Editor in Chief
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