TM editors’ note: This article discusses a penny stock and/or microcap. Such stocks are easily manipulated; do your own careful due diligence.

Although the overall market was in rally mode, cannabis stocks were under pressure and we are monitoring this trend.

The Nasdaq rallied more than 1% and the exchange has been able to recapture all its losses from earlier in the month. We are bullish on the recent rally and are monitoring how it impacts Nasdaq-traded biotech cannabis stocks like GW Pharmaceuticals (GWPH) and Insys Therapeutics (INSY).

Today, we want to highlight three significant company announcements that cannabis investors need to be aware of.

Cronos to Commence Trading on the Nasdaq

Yesterday was a big day for the Canadian cannabis industry and we think the industry has reached an inflection point after Cronos Group (MJN.V) (PRMCF) was approved to commence trading on the Nasdaq Global Market exchange.

This is the biggest announcement for the Canadian cannabis industry since Constellation Brands (STZ: NYSE) acquired 9% of Canopy Growth (WEED.TO) (TWMJF) for $245 million (CAD). When this investment was announced the entire Canadian cannabis sector rallied so we were surprised to see the sector trade lower yesterday. 

Cronos will benefit from a Nasdaq listing and we are even more bullish on the Canadian cannabis producer after this announcement. While Cronos will not immediately benefit from this listing, we expect this move to increase long-term shareholder value by improving awareness, liquidity, and appeal to institutional investors.

Cronos just set the standard for Canadian cannabis producers and we expect several of its peers follow suit. We are bullish on this advancement and continue to see upside to current levels. Cronos has attractive international exposure and significant Canadian operations. This is a stock investors need to watch.

MedReleaf: Focused on Expanding via Acquisitions

Canadian licensed marijuana producers have been laser-focused on increasing production capacity and expanding operations before the recreational market opens and we favorable on these growth initiatives.