Momentum Is Driving These 3 Canadian Cannabis Stocks

TM editors' note: This article discusses a penny stock and/or microcap. Such stocks are easily manipulated; do your own careful due diligence.

Canadian cannabis stocks continue to remain under pressure and momentum has been trending lower during this time.

Yesterday, the Canadian cannabis sector showed more strength than the prior two trading days and we are monitoring how this trend continues today. While this pullback is concerning, it will create a great opportunity for investors to create new positions or add to existing positions.

I am monitoring this pullback and have highlighted three momentum driven Canadian cannabis stocks.

Canopy Growth: Buy the Dip?

Leading global marijuana producer Canopy Growth (WEED.TO) (TWMJF) has been under pressure since early January and the shares are now trading below its 20-day moving average. Momentum has been trending lower and we are monitoring the shares for a bottom.

From Germany to Australia, Denmark to Chile, this Canadian cannabis producer is well positioned to capitalize on a global growth opportunity and we are bullish on the recent developments.

Canopy Growth has fallen approx. 30% from its January highs and volume has been much weaker during this time. We continue to view Canopy Growth as one of the best long-term cannabis investment opportunities and investors should be monitoring this pullback closely.

Aurora Cannabis: Announces First $1 Billion Acquisition

Last week, Aurora Cannabis (ACB.TO) (ACBFF) announced the first $1+ billion acquisition and acquired CanniMed Therapeutics (CMED.TO) (CMMDF), a leading Canadian licensed medical marijuana producer. We are very favorable on the combined company and believe that it is positioned to be a global leader.

Aurora Cannabis has fallen more than 20% from its January highs and we are monitoring how the shares continue to trade from here. Since the acquisition is not an all-cash deal, the recent pullback has devalued the price of the CanniMed acquisition.

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Disclosure: This report was authored by and is property of Technical420.All information and data relied upon in drafting this report is publicly available.The author believes and considers its ...

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