If you are looking for the latest action in cannabis stocks then it might be a good idea to perhaps take a look at the recent happenings at Hexo Corp (NYSE: HEXO). The HEXO stock has been on fire over the past two weeks and delivered gains of as high as 100%.
Earlier this week on Wednesday, the company made a significant announcement that resulted in a further boost to the stock.
On January 13 Hexo announced that a new range of CBD-based beverages in the United States by its joint venture Truss CBD USA.
The joint venture in question was established by the company in collaboration with Molson Coors. While the announcement is impressive, it is necessary for investors to note that the beverages are only going to be made available in Colorado at this point. Hence, there are many investors who believe that the rally in the stock on Wednesday was a bit overblown.