Cannabis stocks are flying high as investors see green following a recent surge in marijuana sales as people forced to stay home because of the coronavirus pandemic stock up.
Shares in most of the big cannabis companies are up sharply this week following reports of a spike in demand as consumers attempt to stock up in fear of a dragged-out shutdown of stores throughout the U. S.
A snapshot of adult-use cannabis sales over several days last week showed increases of more than twofold in California and a 50% spike in Washington state, according to data from industry tracker Headset.
“We believe other states are likely seeing similar upticks in sales,” Canaccord Genuity analyst Bobby Burleson wrote in a research note last week. “This strength has benefited wholesale as well.”