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Today, Cannin’s machine learning algorithm has just received a cannabis stock signal alert for HEXO. But what makes HEXO stock a buy?

Related: Hexo: Should You Buy, Sell or Hold this Cannabis Stock?

HEXO Corp is an award-winning consumer packaged goods cannabis company that creates and distributes innovative products to serve the global cannabis market. The Company serves the Canadian adult-use markets under its HEXO, HEXO Plus, Up, Original Stash and Bake Sale brands and the medical market under HEXO medical cannabis.

Best Cannabis Stocks 2021

As one of the largest licensed cannabis companies in Canada, HEXO Corp operates with 2 million sq. ft of facilities in Ontario and Quebec. But why did Cannin’s machine learning algorithm produce the cannabis stock signal alert for HEXO?

Related: Molson Coors Canada Partners with HEXO and Announces Non-Alcoholic Cannabis Beverages

First off, fundamentally, HEXO really caught our eye with their Molson Coors partnership. Truss CBD, the joint venture between mega brewer Molson Coors (NYSE:TAP) and Canadian marijuana grower HEXO (NYSE:HEXO), has introduced its very first cannabidiol (CBD)-infused beverage into the U.S. Called Veryvell, it’s a lineup of sparkling CBD drinks that is only available in Colorado (for now), both in retail stores and online.
Verywell by Molson Coors
We’re really liking the long term upside here for HEXO should they be able to deliver. This almost feels like getting a sneak peek at a vitamin water-type of upside play here. Sure, the cannabis infused beverages industry has plenty of competition so its going to come down to production ability/scale and this partnership with molson coors is really promising. I think new all time highs in HEXO is the green light that they are getting the traction they need for a significant rally.

Technical DD for HEXO

Cannabis Stock Signal Alert: HEXOLooking at the HEXO chart, you’ll see the three smaller circles with the big buyer volume surges are clues of accumulation. Accumulation in this name started last June 2020 and the stock has traded up nicely since then. It bottomed out below $3 and traded as high as $10 in the earlier part of 2021.
The “X” indicates the last big consolidation period around the $16 to $20 mark, which we expect HEXO to test again as the stock rallys. The trend has changed to higher highs and higher lows since June 2020. The decisively buying pressure in the end of 2020 that got HEXO to trade as high as $10 is the 2nd wave of buyers. We believe the 3rd wave of buyers takes this to $20 and then ultimately beyond if management executes on it and the industry continues to grow.
We like the reward to risk ratio based on the charts and price action and the fundamental story is shaping up nicely. Additionally, we believe their distribution out of colorado with coors puts them as a leader in this space.
Cannabis Stock Signal Alert: HEXO

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