TSX Venture Investing

OrganiGram, Canopy Growth and Aphria do the dip

marijuana stocks

After what seemed like a rally that would never end, a number of high-profile marijuana-related issuers on the TSX Venture reversed course Thursday.

Top Marijuana Stocks correct from recent highs

OrganiGram Holdings (OGI:TSXV), Canopy Growth (CGC:TSXV) and Aphria (APH:TSXV) have all had sensational runs over the past few weeks and were all declining Thursday.

 

OrganiGram Holdings – 5 Day Chart

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Canopy Growth – 5 Day Chart

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Aphria – 5 Day Chart

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Liberals usher in marijuana stock rally

We first wrote about the renewed potential and optimism set to hit the marijuana space in our Weekly Volume titled Trudeau Bets $1 Billion on this Sector.

Stocks like OrganiGram and Aphria have more than doubled since this report was published. Click here to read the full report.
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OrganiGram gives up gains after rising over 500%

OrganiGram led the decliners Thursday, falling 11.8% to $1.04 per share on nearly 5 million shares traded by 2 PM EST. OrganiGram traded to within 3 cents of its 52-week high yesterday, touching $1.42, before settling back.

OrganiGram is still up more than 5 times from its 52-week low of $0.195 – hit in early October. Venture investors have not been used to such broad moves in specific sectors.

The TSX Venture has seen its average total liquidity increase over the past few weeks. This has to be due to the resurgence in marijuana stocks as the resource sector continues to struggle. We wrote about this trend in yesterday’s Stock Challenge write up. Below is a short excerpt:

Marijuana stocks light up TSX Venture

Marijuana-related issuers on the TSX Venture have accounted for a huge percentage of the overall volume on the TSX Venture of late.

For example, on Wednesday, the TSX Venture traded a total of 61.4 million shares.

Five stocks, OrganiGram Holdings, Canopy Growth, Emerald Health Therapeutics, Maple Leaf Green World and Aphria accounted for 14.32 million shares or nearly 25% of the total volume on the exchange Wednesday.”

Click here to read the entire article, Marijuana stocks catch fire on TSX Venture.

 

Aphria was off 9.2% to $1.38 per share Thursday on about 1.1 million shares traded. Canopy Growth was down 9.4% on over 4.1 million shares traded.

OrganiGram, Canopy Growth and Aphria had combined to trade over 10 million shares by 2 PM EST Thursday.

Maple Leaf Green World was one of the only marijuana-related issuers in the green Thursday. It is also one of the cheapest, from a share price and market cap stand point. Its shares were up 26.32% to $0.12 per share on 2.65 million shares traded. This phenomenon of hot money flowing into smaller, less known marijuana stocks in the days and weeks after more well-known issuers, such as Canopy Growth, had made significant runs appears to be repeating itself.

 

 

This article represents solely the opinions of Alexander Smith. Alexander Smith is not an investment advisor and any reference to specific securities in the list referred to in the article does not constitute a recommendation thereof. Readers are encouraged to consult their investment advisors prior to making any investment decisions. The information in this article is of an impersonal nature and should not be construed as individualized advice or investment recommendations.

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