How High These Pots Stocks Really Got

Cannabis stocks had a huge showing on Wall Street this past week. In fact, most of the news flow surrounding these stocks had investors pouring money into them. One stock even notched a gain of over 500% at one point in the past week.

Although a fair number of these companies are based outside the United States, most of them trade on U.S. indices. Marijuana is still illegal within U.S. borders on a federal level, but with Canada legalizing weed on October 17, many believe that the United States could follow in the near future.

Many investors are focused on getting the jump on the cannabis industry, but they aren’t alone. And with this increased speculation comes inflated prices and massive swings in these cannabis stocks.

24/7 Wall St. has included some of the recent news on some of the major movers in the cannabis industry from this past week, as well as the price action of these stocks as of midday Friday.

Tilray Inc. (NASDAQ: TLRY) is perhaps the most popular name on this list. Recently, the company gained approval from the U.S. Drug Enforcement Administration (DEA) for the company to import a cannabinoid study drug for a clinical trial at the University of California San Diego Center for Medicinal Cannabis Research.

Shares of Tilray were last seen trading at $129.77 on Friday, with a consensus analyst price target of $49.33 and a post-IPO range of $20.10 to $300.00. Since last week, the stock has risen as high as 175%, but it is currently only up 19%.

Cronos Group Inc. (NASDAQ: CRON) announced this past week that it would be partnering up with Aleafia Health for a joint medical cannabis study to improve the management and treatment of insomnia and daytime sleepiness.

Cronos shares were trading at $12.40, in a 52-week range of $5.12 to $15.30. Since last week, the stock has risen as high as 47%, but it is currently only up 19%.

GW Pharmaceuticals PLC (NASDAQ: GWPH) received news earlier this week that the DEA plans to reclassify GW’s cannabidiol (CBD) drug Epidiolex as a Schedule IV controlled substance.

GW Pharma traded at $166.40 per share. The consensus price target is $172.11, and the 52-week range is $96.42 to $174.50. Since last week, the stock has risen as high as 23.6%, though it is currently only up 18%.

Canopy Growth Corp. (NYSE: CGC) recently saw a sizable investment from Constellation Brands that may herald a cannabis and beer crossover.

Canopy Growth traded at $49.92 a share on Friday, in a post-IPO range of $16.74 to $56.60. Since last week, the stock has risen as high as 18%. It is currently only up 6%.

New Age Beverage Corp. (NASDAQ: NBEV) announced earlier this month that it was testing out a CBD beverage in Colorado. There are also rumors swirling that Coca-Cola may be interested a potential takeover of the company as a result.

The stock was last seen at $6.92 a share, with a consensus price target of $3.33 and a 52-week range of $1.30 to $9.99. Since last week, the stock has risen as high as 528%, but it is still up 336%.

Level Brands Inc. (NYSE: LEVB) plans to launch a few new CBD products under the Kathy Ireland Health and Wellness brand. The goal is to promote CBD for its health benefits and that marijuana isn’t just there to get you high.

Shares of Level Brands were last seen changing hands at $5.80 on Friday, with a 52-week range of $2.74 to $24.91. Since last week, the stock has risen as high as 151%, but it is currently only up 90%.

Aurora Cannabis, which is traded on the Toronto Stock Exchange, said that it is contemplating listing its shares on the New York Stock Exchange. After the success that other cannabis companies have seen at the hands of U.S. investors, an equity raise in the U.S. would make sense for this budding company.

Aurora Cannabis shares traded at C$11.80 on Friday. The consensus price target is C$10.10, and the 52-week range is C$2.65 to C$15.20. Since last week, the stock has risen as high as 47%. It currently is only up 38%.

In addition, ETFMG Alternative Harvest ETF (NYSEARCA: MJ) is an exchange traded fund that tracks most of the marijuana stocks out there. This ETF was last seen at $40.94, in a 52-week range of $0.74 to $45.40. Since last week, the stock has risen as high as 27%, but it is currently only up 14%.