April sees some cannabis stocks sink and some skyrocket

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Bethan Rose Jenkins, Cannabis News Writer/Editorial

We may not be done with April just yet, but this month has already been a bit of a rollercoaster ride for cannabis stocks. It’s understandable, considering the fact that the economic climate is being battered by coronavirus (COVID-19) right now.

On one particular day – April 15 – the rollercoaster revved into high gear, with various top-trading cannabis stocks tumbling, while others took a hike north.

Notable cannabis stock gainers amid COVID-19

Traders could be seeing better returns from a handful of popular pot stocks during the Coronavirus pandemic. One such example is Zelira Therapeutics (OTC: ZLDAF) — the leading global therapeutic medicinal cannabis company’s shares closed up 21.33 percent at $0.04. Auxly Cannabis Group (OTC: CBWTF) was also laughing at the end of the day’s trading, with the company’s shares closing up 13.98 percent at $0.28.

Shares of CURE Pharmaceutical Hldg (OTC: CURR) closed up 9.9 percent at $2.11 on April 15, trailed closely by Cannabics Pharmaceuticals (OTC: CNBX), which saw shares close up 9.55 percent at $0.24. Neptune Wellness Solutions (NASDAQ: NEPT) – which recently announced its new brand of plant-based Forest Remedies products – experienced a 6.12 percent share increase when it closed up at $2.08. Last, but not least, in the list of gainers was Driven Deliveries (OTC: DRVD) — shares closed up 5.05 percent at $1.05.

Notable cannabis stock losers amid COVID-19

Some cannabis stocks aren’t doing so well, however. They include Harvest Health (OTC: HRVSF), which closed down 10.53 percent at $0.68, and The Flowr (OTC: FLWPF), which saw shares of 11.76 percent at $0.39 for the day’s end.

Aurora Cannabis (NYSE: ACB) and Compass Diversified Holdings (NYSE: CODI) also missed out on gains this April; shares closed down 5.5 percent at $0.70 and 4.31 percent at $15.55, respectively. Another loser at the end of the trading session was green electricity company Bloom Energy (NYSE: BE), with shares closing down 10.15 percent at $6.55.

Highlighted below are some more of April 15th’s cannabis stock losers:

  • Acreage Holdings (OTC: ACRGF) shares closed down 6.43 percent at $1.60
  • Aurora Cannabis (NYSE: ACB) – Cannabis stock shares closed down 5.5 percent at $0.78.
  • Canopy Rivers (OTC: CNPOF) – Cannabis stock shares closed down 5.93 percent at $0.52
  • KushCo Holdings (OTC: KSHB) – Cannabis stock shares closed down 8.42 percent at $0.63
  • Innovative Industrial (NYSE: IIPR) – Cannabis stock shares closed down 6.57 percent at $71.25
  • TerrAscend (OTC: TRSSF) – Cannabis stock shares closed down 5.85 percent at $1.72
  • World Acceptance (NASDAQ: WRLD) – Cannabis stock shares closed down 5.47 percent at $56.02

Advice for cannabis stock investing amid COVID-19 pandemic

Although it might not seem like it right now, there will be a positive repercussion of the Coronavirus crisis for the cannabis industry — the pot stock market is likely to explode with activity once the COVID-19 pandemic has fizzled out. Nasdaq called it “the big 2020 rebound” and you’d better believe it is going to happen.

As a precautionary measure, sticking or staying out of the stock market trading game may be your best options for the meantime. On the other hand, many cannabis businesses have been deemed “essential” during the pandemic, with dispensary sales climbing across the nation. That being said, investing in pot stocks at this critical time is a risk that you ought to be willing to take.