Whitefish, MT / March 10, 2014 / Cannabis stocks moved lower last week after the United Nations International Narcotics Control Board (“INCB”) warned in its 2013 Annual Report that the legalization of marijuana in U.S. states and Uruguay failed to comply with international drug conventions. While the move gave investors a reason to take some profit off the table, U.S. initiatives to legalize marijuana have continued to press forward.
Several cannabis companies moved higher last week after announcing new initiatives and partnerships. GrowLife Inc. (OTCBB: PHOT) gained nearly 10% last week after completing its first GIFT transaction with LEAF Aspen, while MediSwipe Inc. (OTCBB: MWIP) gained nearly 5% after initiating a $500,000 credit facility to help finance licensed marijuana growers that may not be able to obtain traditional bank financing.
On a regulatory level, the UN’s warning failed to stem the favorable regulatory actions being taken in the U.S. Washington’s House of Representatives announced new legislation that would effectively eliminate medical marijuana dispensaries and pave the way for greater tax revenues to come into the state’s coffers. Colorado is also set to soon reveal just how much tax revenue it has realized from marijuana in January.
- A Closer Look at the UN’s Condemnation of Cannabis – The UN’s INCB condemned the legalization of cannabis in the U.S. and Uruguay, saying that it doesn’t comply with international drug conventions, but we take a look at some flaws in their arguments and why the UN may be stuck in ideology.
- Abattis Bioceuticals Ventures into Washington Cannabis Market – Abattis Bioceuticals Corp. (OTCBB: ATTBF) (CSE: ATT) signed a deal with Phytalytics LLC to establish a state-certified testing license to begin testing marijuana ahead of the state’s historic recreational legalization.
- Colorado Cannabis Tax Revenue Could Exceed Alcohol – Colorado’s governor expects cannabis sales to reach $610 million next fiscal year which means it could bring in nearly $100 million in tax revenue. The substance is taxed at nearly 29% in many parts of the state.
- New Cannabis Reality TV Show Coming Soon – Strategic Global Investments Inc. (OTCBB: STBV) signed a MOU with Emmy Award winning producers to film a reality TV show focused on the burgeoning marijuana industry, airing initially as a web series before potentially moving onto cable.
- First National Cannabis TV Ad Set to Air – Cannabis could be reaching a point of acceptance where television ads are common. MarijuanaDoctors.com will air the first ever national minute-long television ad in select locations on Fox, Comedy Central, CNN, ESPN, AMC, Discovery, and Food Network.
What to Watch This Week
The cannabis sector experienced some profit-taking last week, as the United Nations announcement provided an excuse to take some profits off the table. However, successful legalization efforts across the U.S., expanding public companies, and a wider acceptance among the public should keep the industry on solid footing over the long-term, while investors are also focused on Canada’s upcoming MMPR program.
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