Cannabis & Hemp Stocks Investment Tools – Schedule Demo Now!

Bank of America Picks Hexo, Begins First Corporate Cannabis Coverage

Bank of America Picks Hexo, Begins First Corporate Cannabis CoverageIn a historic move, Christopher Carey, analyst at Bank of America, began the first coverage by Bank of America Merrill lynch in corporate cannabis after he named Hexo Corp (NYSE: HEXO) as the firm’s top pick within the sector of publicly traded cannabis companies. The coverage of HEXO was announced on Wednesday, April 17th, and came along with a buy rating and a price target of $10.

HEXO shares increased as a result of this announcement on April 17th from a market open per share value of $6.28 that would increase to a market close value of $6.63 for a total gain in value of 5.57%. The gains didn’t stop there for HEXO as the share value continued to increase during after-market trading hours. HEXO currently trades at above $7, $7.15 at the specific time that this article is written, which represents a total increase in value of 13.85% for the day so far.


A down day within the cannabis sector on Monday, April 15th, that was reported to have been caused by an announced revenue loss from Aphria Inc. (NYSE: APHA), drove down the share values of numerous cannabis corporations. HEXO closed to $5.99 for 5.07% loss in value that day on the 15th and leveled out on the 16th, but still closed to an additional .067% loss in value for Tuesday. The total gain for HEXO, from Tuesday’s close price of $5.95 per share to the current price on the 17th of $7.15 per share, represents an increase in value of nearly 20%, or 19.27% to be exact.

Investors who purchased shares at the lowest price possible on the 16th would have seen a potential return on investment (ROI) of $1.20 per share that were purchased at the $5.95 price point, and only if every bought share was sold at this moment in time on the 17th at $7.15.

Curious about how you can make money investing in cannabis? Sign up for Cannin Free Access and subscribe to the Cannin Chronicle. We’ll keep you informed on all things cannabis and even help you determine which cannabis companies have the highest growth potential.


Bank of America Picks Hexo, Begins First Corporate Cannabis Coverage