A week ago today I wrote on TalkMarkets that "A large number of cannabis company stocks surged on the last trading day of 2019, which could signal the market turnaround we have all been waiting for so stay tunes for updates."
Last Thursday I wrote that "Today saw the biggest reversal in marijuana stock prices in months with a 1.02% increase, on average, worldwide."
Over the weekend I wrote that "Stocks jumped 4.5%, on average, this past week. That is extremely refreshing news and hopefully is the harbinger of a ongoing turnaround in the marijuana space" concluding that, "The welcome upward trend was only in a few stocks, however, so it remains to be seen if other companies can get their operations in order to benefit from this welcome positive trend." If yesterday and today are any indication, however, that seems very much in question.
As you will note in the table below from WeedStreet420, cannabis stocks have once again gone into decline virtually across the board. (All currency figures are in Canadian dollars. Go here to convert into USD.)
What is most concerning about the above data is not the extent of the declines as it doesn’t take much for penny stocks to fluctuate by double digits but that pot stocks, in general, were down drastically on Monday and Tuesday replacing the 2-day 4.5% upward trend established last Friday with a 3-day 3.1% negative trend as of the close of business today dashing my hopes that a sustainable turnaround was in the works. I'll keep you posted as things unfold.
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