Canadian marijuana stocks are on the rise.
Following anger with the government’s lack of speed in implementing marijuana legalization, the Canada Marijuana Index hit a three-month low on March 21 at 261.74, slightly higher than the previous low of 258.47 on December 21. However, since March 21, the market has seen a steady increase, including an almost 10% increase on March 27 to 295.41 following the announcement that marijuana will likely be legal throughout the country by July 1 of next year.
11 days later, and the market has continued to climb. The market jumped from 287.73 on April 4, to 319.90 at the close of yesterday’s (April 7) market. The total increase from March 21 to yesterday is 22%.
Although 319.90 marks a month-long high, it’s still below the 3-month high of 344.57, which came on February 21st.
In the United States the Marijuana Index closed yesterday at 71.33. This is much lower than the six-month high of 110.64 which came on October 31; however, it’s higher than the six-month low of 64.30 which came on December 19.