Trump's CBD Endorsement Sparks Cannabis Stock Boom
President Trump's recent video endorsing CBD's health benefits for seniors has sparked a surge in cannabis stock investments. Green Thumb Industries (GTBIF) and Corbus Pharmaceuticals Holdings (CRBP) have seen significant stock price increases, with analysts largely optimistic about their prospects.
Trump's video, interpreted as condoning CBD and potentially wider cannabis legalization, has driven investors to pour money into top-rated cannabis stocks. GTBIF stock rose almost 19% from its Friday close to its peak on Monday, with a consensus 'Strong Buy' rating. CRBP stock, with a history in endocannabinoid system research and development, has surged 129% in the past six months, with nine out of eleven analysts also rating it a 'Strong Buy'.
MAPS (WM Technology) stock jumped 17% but has since hit resistance at $1.35 and been trading sideways. Despite this, MAPS remains profitable and has a rising net cash balance, unlike many other cannabis stocks. Its revenue peaked at $215.5 million in 2022 but has since declined to $184.5 million, with profits also decreasing. Only one analyst covers MAPS stock, with a price target more than twice the current price.
The cannabis industry has seen a boost following President Trump's video endorsement of CBD. Green Thumb Industries and Corbus Pharmaceuticals Holdings have seen significant stock price increases and positive analyst ratings. However, the market's reaction and future prospects remain to be seen.
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