The Horizons Marijuana Life Sciences ETF (TSX:HMMJ) fell 2.95% on February 11. However, shares have surged 37% in 2019 so far. The ETF’s 10% slide over the past week should have investors thinking about high valuations in the sector. Let’s go over some of the top cannabis stocks that are trading at high prices today.
Cronos Group (TSX:CRON)(NASDAQ:CRON) stock has soared 79% in 2019 as of close on February 11. Shares have dipped 15% over the past week. This drop has vaulted Cronos out of overbought territory, as the stock currently boasts an RSI of 59.
Canopy Growth (TSX:WEED)(NYSE:CGC) stock has climbed 56% in 2019 so far. Shares are down 12.4% week over week. Canopy and Cronos have both benefitted from a raving analyst report from Canadian Imperial Bank of Commerce that was released in late January.
As of close on February 11, Canopy Growth had an RSI of 50, putting the stock in neutral territory.
Aphria (TSX:APHA)(NYSE:APHA) stock plunged 9.81% on February 11. Shares have still climbed 41% in 2019 so far. However, the stock is down 21% week over week. Aphria spiked into overbought territory in early February but as of this writing the stock had an RSI of 52.
Although technical indicators are kinder to the top cannabis stocks right now, investors should still exercise caution in mid-February. The sector’s volatility has continued after legalization and may become the norm into the next decade.
