Cannabis stocks are off to a good start in 2017.
After gaining 4.2% in January, the MJIC North American Cannabis Stock Index is now up more than 5% on the year.
These are the cannabis stocks that are leading the pack:
Canopy Growth Corp (TSX:WEED)
Canada’s largest medical cannabis company, is up 25% in 2017. Canopy just closed its $450 million acquisition of fellow medical cannabis company Metrum Health, creating the largest medical cannabis company in Canada. Canopy also recently invested $7 million in a German cannabis dispensary.
Canopy is looking like a major player in the global cannabis market. This is definitely a company to keep your eye on.
Canada’s second largest medical cannabis company, is up 8% in 2017. Aphria just announced its shares would be up listed to the full Toronto Stock Exchange.
The up listing is a win for Aphria and the entire cannabis industry. Not only will it help Aphria generate more attention for its stock, it shows cannabis companies are growing and gaining credibility.
Cara Therapeutics (NASDAQ:CARA)
Cara Therapeutics is already up 75% on the year. That huge move is being driven by CR845 – Cara’s promising cannabinoid-based drug designed to treat acute and chronic pain and severe itching. This drug would be an alternative to current opioid options that come with harmful side effects.
CR845 is currently in Phase 2 and 3 testing. CR845 will continue to undergo clinical trials. But as you can see from its share price, investors are optimistic this drug could be a winner.
GW Pharmaceuticals (Nasdaq:GWPH)
A U.K. based cannabis biotech is up 11% in 2017. In the last year, shares are up 177%. Those huge gains are being driven by Epidiolex, a promising drug designed to treat epilepsy.
Epidiolex is currently in Phase 3 testing – this is the final phase of a multi-year process that comes right before a final decision from the FDA. GW is expecting the FDA to make a final ruling on Epidiolex by the end of 2017.
If approved, Epidiolex has a shot at becoming the world’s first cannabis blockbuster. Analysts are predicting annual sales between $800 million and $3 billion by 2020.
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