Supreme Pharmaceuticals, Inc. (OTCMKTS:SPRWF) Closes Deep In Red

In the last trading session, the stock price of Supreme Pharmaceuticals, Inc. (OTCMKTS:SPRWF) declined more than 7% to close the day at $1.23. The decline came at a share volume of 294,353 compared to average share volume of 209,520.
The highlights
Supreme Pharmaceuticals makes for an exciting cannabis story in the present scenario. The changing political landscape in the U.S. makes Canadian cannabis firms more attractive. In the shortened trading week, it was noted that Americans have been boosting the upsurge in Canadian cannabis stocks.

On the surface, it appeared nothing worrisome related to the performance of these cannabis stocks in preceding week. The index “The Let’s Toke Business Composite” recorded its worst week in last one year recording a drop of 4.8%. However, provided the pace of sharp increase in Canadian cannabis stock recorded in the previous few weeks, it came on expected lines. The uptrend continues to be intact and shareholders await the updates from the Canadian Task Force on pot regulation and legalization now almost approaching near.

Another news that came last week, and which can have an impact on Supreme Pharmaceuticals, is of road map for marijuana legalization. Canada’s government is assessing a federal task force’s suggestions on how it could approve pot, turning good on PM Justin Trudeau’s election campaign promise. The recommendations comprise a minimum buy age of 18, provincial governments accused with retail distribution and upholding criminal offenses for illegal trafficking and production, and federal oversight on production.

It should also be noted that California voters gave their nod for a ballot measure last month permitting recreational marijuana in the country’s most populous state, managing the legalization initiative its biggest victory yet. Electorates in nine states deliberated on proposals to extend lawful access to the marijuana, which is still banned by the federal government. California approved use of marijuana for medicinal purposes almost two decades ago.