Is This Marijuana Stock the Next Big Thing?
ICC International Cannabis Corp (CVE:ICC) is letting the good times roll, as the new pot producer sees a 356% surge in its marijuana stock value.
ICC is a relative newcomer to the Canadian TSX Venture market but, since its debut on November 29, the stock has gone absolutely bonkers, rising as much as fivefold.
With the up-and-down nature of these marijuana stocks in Canada, the hype surrounding them, and the capital that has followed, we’ve seen some wild fluctuations in marijuana stock prices before.
Jason Zandberg, an analyst with PI Financial Corp., told Bloomberg News in an interview that investors are interested in Canada for pot stock investment because the U.S. still has many states that restrict the usage of marijuana. Canada, of course, is set to legalize the drug in 2017, according to the federal government. (Source: “Marijuana producer jumps 356% as Canada’s investor pot frenzy intensifies,” The Globe and Mail, November 30, 2016.)
“For us, this is the most interesting place to be trading,” said ICC CEO Guillermo Delmonte said in an interview in Bloomberg’s Toronto office. “Canada is the market that is more familiarized and has more background about cannabis companies.”
As reported on Wednesday, ICC is interesting in its placement in Uruguay and its specific targeting of South American consumers.
To be fair, ICC isn’t yet breathing the rarefied air of a Canopy Growth Corp (CVE:CGC, TSE:CGC), as the company only has a market valuation of $132.4 million versus the $1.3 billion of Canopy. All the same, with its eyes set on expanding to other parts of South America and Europe, this new marijuana stock may be one to watch.
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