NYSE HEXO Stock Debut
In one of the more highly anticipated events of 2019, one of my favorite marijuana stocks finally made the jump to the New York Stock Exchange (NYSE). HEXO Corp (NYSE:HEXO) is now officially on a major international ticker. While the day did not go quite as hoped, I don’t believe that marijuana bulls ought to worry.
While I was being optimistic that the NYSE HEXO stock debut would lead to a strong day of gains, the company ended up losing about a percent.
This happened for a couple of reasons, but the most important one is that most of HEXO’s gains due to the NYSE listing happened earlier in the month.
The company soared by more than 65% over the past month, making it one of the best performers in the marijuana industry to start 2019.
Chart courtesy of StockCharts.com
Investors shot the share prices through the roof in anticipation of the NYSE HEXO stock debut and, as such, there wasn’t much left in the tank for the day it actually listed on the exchange.
It’s also worth noting that it’s been some time since marijuana stocks listing on major exchanges sparked the same kind of rush that it did back in 2018. I was hopeful that, due to HEXO’s size, it would recapture some of that bygone excitement, but it was not meant to be.
All that being said, however, HEXO stock is still in a very strong position.
The company still has among the best fundamentals in the industry between a Big Alcohol partnership with Molson Coors Brewing Co (NYSE:TAP) and a long, lucrative supply agreement signed with the large Canadian province of Quebec.
Both are very strong indicators that HEXO is a top marijuana stock masquerading as a penny stock.
And its price is one of the major things going in its favor.
The company has all the makings of a marijuana giant but with a marijuana penny stock price. With that in mind, it is one of the few pot stocks largely considered to be undervalued.
That means that, as investors on the NYSE get time to familiarize themselves with the potential locked away in HEXO, I imagine we’ll see more and more flock to what I view as one of the best marijuana stocks around.
While the NYSE HEXO stock debut did not live up to my expectations, the company still has all the tools necessary to be a major winner in 2019—and beyond. Look for big things to come for HEXO stock in the future.