Some cannabis stocks are up almost 200%.
Cannabis stocks were on fire on Monday, particular those that produce or sell cannabidiol, or CBD, as it is commonly known.
The catalyst was a video posted on Sunday night on Truth Social by President Donald Trump touting the health benefits of hemp-derived CBD for seniors.
Setting aside any claims in the message, the contents of the almost 3-minute video certainly drew a lot of interest from investor in cannabis and CBD stocks.
Tilray Brands (NASDAQ:TLRY), which sells cannabis and CBD products, saw its stock price jump some 41% on Monday. It is still in penny stock territory, trading at about $1.62 per share.
Aurora Cannabis (NASDAQ:ACB) stock rose about 30% to roughly $6.28 per share, while Village Farms (NASDAQ:VFF) jumped some 22% higher to around $3.22 per share. Both of these companies are cannabis producers.
CBD stock surges 193%
The biggest gainer by far was a company called cbdMD (NYSEAMEX:YCBD), which skyrocketed 193% on Monday to $1.83 per share. This company, cbdMD, produces and distributes hemp-infused CBD, which was mentioned in the Trump video.
Other significant cannabis stock gainers were:
- SNDL (NASDAQ:SNDL): Up 17% to $2.72 per share.
- Cronos Group (NASDAQ:CRON): Up 16% to $3.04 per share.
- Canopy Growth (NASDAQ:CGC): Up 17% to $1.57 per share.
- Organigram Global (NASDAQ:OGI): Up 12% to $1.90 per share.
- Hydrofarm (NASDAQ:HYFM): Up 22% to $3.45 per share.
- IM Cannabis (NASDAQ:IMCC): Up 4% to $2.05 per share.
- Flora Growth (NASDAQ:FLGC): Up 6% to $22.36 per share.
- Urban-Gro (NASDAQ:UGRO): Up 14% to 52 cents per share.
- Greenlane Holdings (NASDAQ:GNLN): Up 13% to $3.89 per share.
- Akanda (NASDAQ:AKAN): Up 16$ to $4.49 per share.
- High Tide (NASDAQ:HITI): Up 4% to $3.69 per share.
In addition, there are many cannabis stocks that trade on OTC markets that were moving higher on Monday.
Investors should note that these are mostly small, unprofitable companies, so they should do some due diligence on any stocks before investing.
One of the larger of the group is Tilray, which has a market cap of about $1.8 billion. But, like many of the others, it is also not profitable yet.
