Lunch is coming to a close and some of the most active stocks have captured the attention of the investment community.
Top trending marijuana and CBD-related stocks have seen a recent spike in trading volumes this week. Following statements by Sean Spicer that had negatively impacted the industry, reports surfaced that discussed Jeff Sessions’ seemingly new and less aggressive stance on the subject. This has had a more positive impact on the industry as a whole it would seem and many of the stocks in this category have seen the impact. Ubiquitech Software (UBQU), for one, has been making several announcements over recent months discussing its year over year growth. In its most recent press release, the company stated that it is anticipating a near 50% increase in revenues for the 1st quarter in comparison to last year’s results. This positive guidance has echoed in the market with shares of the stock seeing a move of more than 20% since the opening bell.
“We are excited to show what we have achieved over the past few years,” said James Ballas, CEO, “and we pride ourselves on our process of delivering a superior product at a cost that makes our products available to the widest possible audience. Because, it is this process that makes our company continue to grow.”
Similarly, Organigram Holdings Inc. (OGRMF) saw a positive market reaction after making an announcement this morning. The company stated that it will launch “a strong defense against a proposed class-action suit related to recent voluntary product recalls.” Shares of the licensed marijuana producer have slipped in recent weeks, even gapping down this morning to lows of $1.53. Following the announcement, however, the stock managed to rebound to highs of $1.88 to mark an intra-day move of 22.8%. “From a financial perspective, we believe there is very little exposure for Organigram going forward. We are also talking with our insurer about the company’s coverage related to the proposed class-action suit should the four allow it to proceed,” stated Denis Arsenault, Organigram’s CEO.
