The TSX index, Canada's benchmark for exchange-traded securities, has had its best start since 1980, including a 11-day winning streak from Friday's close. It's all good, but these three stocks fared even better, surpassing the TSX by a sizable margin since the beginning of the year. Canopy Growth Corp. (TSX: WEED) (NYSE: CGC) Shares in Canada's largest licensed cannabis producer have continued to soar into the new year, up 57% since early January. Weed stocks remain below their record high of $ 76.88, reached just one day before recreational cannabis became legal in Canada, but …
The TSX index, Canada's benchmark for exchange-traded securities, has had its best start since 1980, including a 11-day winning streak from Friday's close.
It's all good, but these three stocks fared even better, surpassing the TSX by a sizable margin since the beginning of the year.
Canopy Growth Corp (TSX: WEED) (NYSE: CGC)
Shares of Canada's largest licensed cannabis producer continued to climb into the new year, a 57% increase since early January.
WED's shares are well below its record high of $ 76.88, reached just one day before recreational marijuana became legal in Canada, but gained momentum last week after signing an agreement with state New York to produce legally hemp, a month after President Donald. Trump signed the Bill Farm of the USA in law, legalizing hemp.
Canopy plans to invest between $ 100 and $ 150 million for a production facility in New York state, which will be its first extraction and processing facility outside Canada's borders.
Enbridge Inc (TSX: ENB) (NYSE: ENB)
Enbridge shares rose nearly 13% so far in January against the TSX index, which gained 6.83% so far in January.
Enbridge shares are now only one or two currencies below their 52-week highs.
The shares are giving investors an annual dividend of 6.16%, and with management already registered with plans to significantly increase this payment over the next two years, Enbridge is not only a solid high-yield game for investors and retirees, but it is also extremely strong candidate as a dividend growth investment for younger investors looking to take advantage of the power of compound interest.
However, given the extent of January's move in light of the historical volatility that ENB has tended to display, investors may want to give it a little space and seek a backlash before starting a position.
Cronos Group Inc (TSX: CRON) (NASDAQ: CRON)
It seems everyone and his brother have heard about Canopy Growth by now, but Cronos is as strong a candidate as anyone else to become a leader in several major international markets.
At this point, it seems increasingly that investments in cannabis are becoming the long man's game. Although Canopy may have been the first to swing, it remains to be seen if it will not be a company like Cronos standing when all is said and done.
Cronos Group shares rose just over 37 percent in the first three weeks of trading in January.
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The foolish collaborator, Jason Phillips, has no position on any of the actions mentioned. Enbridge is a recommendation of Stock Advisor Canada.