Cannabis stocks continued to surge higher and this rally looks a lot like what we saw during the fourth quarter of 2016.

While last year’s rally was impressive, what we are seeing today is at a whole different level.

Last year, valuations were driven higher on the prospect of legal recreational marijuana. Although the rally was impressive, it was not sustainable.

The rally we are currently seeing is being driven by strong global growth, M&A activity, and catalysts like Constellation Brands’ investment in Canopy Growth (WEED.TO) (TWMJF).

A Rally Driven by Growth

Over the last year, new legal medical marijuana markets have opened in countries like Germany, Australia, Chili, Brazil, Mexico, Colombia, Cayman Islands, and many more. During this time, existing markets in Canada and the Netherlands continued to expand and advance.

Canada has been the greatest beneficiary of the legal marijuana movement and we are not surprised by the recent rally in the stock market. The country is positioned for incredible growth and this has attracted thousands of new investors.

When looking at a stock chart that is trending higher, it is important to look how the stock traded during this time and how many shares were traded during this time. If you look at Canadian marijuana market, you would see that stock volume has significantly improved over the last quarter.

13 Momentum Driven Canadian Cannabis Stocks

The stronger trading volume makes us more confident in the recent rally and we have highlighted some important volume trends for 13 Canadian cannabis stocks below.

Canopy Growth (WEED.TO) (TWMJF)

Over the last month, Canopy Growth has rallied more than 50% and the marijuana producer continues to execute on all cylinders. During the last week, Canopy’s average trading volume dropped significantly when compared to its average over the last month and we are monitoring this trend closely.

Aurora Cannabis (ACB.TO) (ACBFF)

Over the last month, Aurora Cannabis rallied approx. 190% and the shares been moving higher on very strong volume. When compared to Aurora’s average volume over the last quarter, the marijuana producer’s average daily volume last month was 138% higher. Aurora continues to execute and we remain bullish on the company’s long-term outlook.

Supreme Pharmaceuticals (FIRE.V) (SPRWF)

Yesterday, the Canadian marijuana producer broke above the $2 level after the shares rallied more than 16% and we are keeping an eye on how this stock continues to perform. Supreme has been trending higher and the shares are up more than 34% in the last week. This rally has taken place on strong volume and the average volume during the last week is more than 135% higher than its average volume during the last quarter.

Aphria (APH.TO) (APHQF)

Aphria has been a top performer over the last week and the shares are up more than 35% during this time. The recent rally has taken place on light volume, when compared to the last month and we will keep an eye on how this trend continues. Aphria has rallied almost 80% in the last month and we remain bullish on the shares.

CannTrust (TRST.CN) (CNTTF)

In late August, CannTrust went public and commenced trading on the Canadian Securities Exchange. This marijuana producer has been one of the hottest stocks to own and the shares have rallied more than 200% since they started trading. CannTrust has come off its highs and trading volume has been lighter than the last month. We remain bullish on CannTrust and are favorable on the long-term outlook.

CanniMed Therapeutics (CMED.TO) (CMMDF)

Aurora Cannabis has its sights set on CanniMed and is trying to acquire the licensed medical marijuana producer for $24 a share. The market responded favorably to this development and the shares are up more than 75% in the last month. When compared to the average volume in the last quarter, CanniMed’s average volume this week is more than 250% higher.

Cronos Group (MJN.V) (PRMCF)

The Canadian licensed marijuana producer has continued to execute and the shares have rallied more than 30% in the last month. Trading volume has been lighter than normal over the last week and we remain bullish on Cronos. The company is focused on the global opportunity and this is a stock investors need to watch.

WeedMD (WMD.V)

WeedMD has been one of the hottest Canadian cannabis stocks to own recently and the shares have rallied more than 125% in the last month. Volume has surged higher recently and this is a stock that we continue to remain favorable in. The improved liquidity has significantly benefited the shares and we continue to monitor trading activity closely.

Invictus MD Strategies (IMH.V) (IVITF)

Invictus jumped higher yesterday after the company issued an operational update and we continue to monitor the recent rally. The shares are up more than 36% in the last month and trading volume has moved higher during this time. We continue to see upside to current levels and recommend that investors keep an eye on this one.

Namaste Technologies (N.CN) (NXTTF)

Over the last year, Namaste has continued to execute on its business plan and we are favorable on the recent developments. During the last month, Namaste has rallied more than 440% on very strong volume. When compared to the last month, Namaste’s average weekly volume has been 260% higher. We remain favorable on Namaste and the way it has aligned itself with two of the world’s largest licensed medical marijuana producers.

Lexaria Bioscience (LXX.CN) (LXRP)

Lexaria has been one of the top performers over the last month, rallying more than 115% and we continue to see upside to current levels. Over the last year, Lexaria has significantly strengthened its intellectual property portfolio as well as its balance sheet. The recent rally has taken place on strong volume and we remain bullish on Lexaria.

Isodiol International (ISOL.CD) (ISOLF)

The last month has been very significant for Isodiol and the share are up more than 500% during this time. This rally has taken place on very strong volume and we continue to monitor this move higher. We are monitoring trading activity as well as overall volume as we continue to remain favorable during this rally.

Reliq Health Technologies (RHT.V) (RQHTF)

Over the last year, we have highlighted Reliq Health Technologies as one of the most attractive and undervalued investment opportunities. Reliq has continued to execute and the market has responded favorably to the recent developments, with the shares rallying more than 360% in the last quarter (up more than 500% in 2017). We remain favorable on Reliq and believe that this stock has room to run