World leaders are not the only people in Davos, Switzerland, for this week. Movers and tedders within the cannabis sector of a cross-section of countries are there to support political and economic heavyweights from around the world to promote pressure on the cannabis industry.
CannTech Davos 2020 organizes a two-day conference at Cannabis House, located in the heart of the Economic Forum, to draw attention to the economic role of cannabis and the growing industry around it and how they will play in the future of healthcare, international trade, investment and environmental and resource safety and climate change.
Speakers from different countries will be present at the marijuana conference – from Israel, Switzerland and Asia. The aim is to encourage World Economic Forum delegates to visit and get to know the industry. Among the sponsors of the conference is the Canadian Securities Exchange, one of the stock exchanges in the country.
dubbed as a "premier cannabis event" for the industry, the conference "will draw attention to leading thinkers and influencers from around the world and present the most relevant conversations throughout the industry," the organizers said.
Pot stocks show Uptick, but not all
Showing off the future of cannabis in Switzerland will be a little easier this week after stocks of marijuana have increased significantly last week.
The index rose 11.2% last week, while the Horizons Marijuana Life Sciences Index (TSX 🙂 rose by around 19%, the largest increase of one week since the second half of 2018.
Profit was produced despite some of the notable individual stock declines.
One of the biggest losers was Hexo (NYSE :), (TSX :), who saw his stock seesaw last week, and reached a high of C $ 2.51 (US $ 1.93) last Wednesday, only to yesterday in Toronto to close at C $ 2.05 – a decrease of 18%. On the New York Stock Exchange, which was closed for Martin Luther King Day on Monday, the shares ended the January 17 session at US $ 1.62 – a decrease of 16%.
Aphria (NYSE :), (TSX 🙂 was another stock that took it last week.
Aphria reported its latest income last Tuesday and failed to meet analysts' expectations. The Ontario grower also cut his guidelines for the year. The information released last Tuesday exerted downward pressure on its shares, which fell around 8.5% in Toronto, and slightly more on the New York Stock Exchange.
Among the stocks that saw remarkable gains last week, was OrganiGram Holdings (NASDAQ :), (TSX :).
US-traded stocks rose just over 46% last Wednesday. On the Toronto Stock Exchange, the stock jumped 40.5% after the first quarter earnings of the New Brunswick producer on January 14. The company said revenues rose more than 102% to C $ 25.15 million (US $ 19.24 million) in the period.
OrganiGram Holdings weekly prizes
OrganiGram closed at US $ 3.26 on Friday in New York, a decrease of 4.12%, while in Toronto it fell 1.17% yesterday to end the day at C $ 4.21.
Study shows curiosity about CBD
The latest study by New Frontier Data found that among 84% of Europeans surveyed who reported never having used CBD, a non-psychoactive cannabinoid extracted from cannabis said 18% – or about a fifth – that they expected to try in the next six months.
The study also found that pain management was the most common reason (40%) quoted by people using CBD. It was also the most compelling reason mentioned (33%) by those considering it. Relaxation and stress relief were also identified by an equal number of non-consumers of CBD (19%) as motivating to try.
