Although we are well into February, marijuana stocks are looking back at a very strong, very successful month of January, one of the most up-and-down months to date.
Attorney General Jeff Sessions’ killing of the Cole Memorandum in early January sent the US industry stock industry into a nosedive, but there was some success to be celebrated as the month wore on. There was also a nice boost from California’s legal sales of recreational marijuana, which began on January 1st.
North American Marijuana Index, which is a stock index that tracks the top performing cannabis stocks in the U.S. and Canada ended up with an increase of 18% in the month of January, an impressive rebound from the Sessions fallout.
On January 2nd, the United States Marijuana Index experienced its largest one-day gain of 13% but then saw the largest one-day drop of 21% after Sessions rescinded the Cole Memo, demonstrating the roller-coaster month.
On the flip side, the Canadian Marijuana Index skyrocketed 49% during the first six trading days of 2018 finishing the month with a gain of 22%, while also taking it’s lumps from the Sessions’ ordeal.
Abcann Global Corporation (ABCCF), Newstrike Resources Ltd. (NWKRF), and THC Biomed Intl Ltd stand out as they gained more than 90% in the month of January, while 9 other stocks gained more than 20% during January.