Cannabis stocks have zig-zagged for months. It’s been a regular roller coaster! Now, the next breakout is here. Just how high could this next round of reefer madness take us?
Dude … pretty darned high!
Here’s a chart of the Horizons Medical Marijuana Life Sciences ETF (TSX: HMMJ) (OTC Grey: HMLSF). It’s a basket of 37 leading cannabis-related stocks operating in North America.
You can see that HMMJ is on a wild ride. After soaring into August, it slumped all that month. It didn’t make new highs until September. Then it was off to the races until October, until it went into consolidation. Again!
But now … well. Now, it’s time to shatter that ceiling.
The most recent thing to light a firecracker under cannabis stocks is the news that broke on Monday.
Alcohol goliath Constellation Brands is guzzling nearly 10% of Canada’s premier marijuana company, Canopy Growth. It only cost Constellation $190.9 million. Such a deal!