WHITEFISH, MT / May 20, 2014 / The Marijuana Index(TM) was mixed last week, moving higher mid-week and ending the week slightly negative. Large industry bellwethers like GW Pharmaceuticals plc (NASDAQ: GWPH) or CannaVEST Corp. (OTC: CANV) traded even or lower, while some smaller companies posted strong gains. Traders continue to approach the market with caution following another warning from FINRA.
Top gainers included Novus Acquisition & Development Corp. (OTC: NDEV) with a 57% gain, Anything Tech Media Inc. (OTC: EXMT) with a 30% gain, and FusionPharm Inc. (FSPM) with a 14% gain last week. The biggest losers included Creative Edge Nutrition Inc. (OTC: FITX) with a 25% drop, Endocan Inc. (OTC: ENDO) with a 21% drop, and Hemp Inc. (OTC: HEMP) with a 10% drop last week.
Legalization trends were also largely positive last week. Colorado’s move to creating the first state-run cannabis banking cooperative could help alleviate the concerns surrounding the cannabis industry’s access to banking services. At the same time, conservative states like Minnesota have taken action to legalize some forms of medical cannabis in another sign of U.S. legalization progress.
What's New?
- BreedIT Adds Agronomist Experts to Team – BreedIT Corp. (OTC: BRDT) recently announced that it added two leading Israeli agronomists to its Sales & Marketing and Business Development teams.
- Colorado Provides Banking to Cannabis Industry – The Colorado legislature moved to create the first state-run financial cooperative for cannabis vendors to fill a key void in the industry.
- Abattis Phytalab Opens for Business in Washington – Abattis Bioceuticals Corp. (OTC: ATTBF) recently announced the grand opening of its Washington state analytical laboratory on May 15th targeting the cannabis industry.
- Minnesota Lawmakers Legalize Medical Cannabis – Minnesota lawmakers struck a deal last week to legalize medical cannabis, with the governor opting for a hybrid of the House and Senate versions of the bill.
- Maple Leaf Leases Greenhouse to Grow Cannabis – Maple Leaf Green World (OTC: MPEFF) recently announced that it leased a greenhouse in British Columbia to grow under Canada’s MMPR if it’s approved.
Feature Executive Interviews
In a recent interview with CannabisInvestingNews, Abattis Bioceuticals CEO Mike Withrow was asked about the company’s approach to the up-and-coming medical marijuana industry and other issues surrounding legalization.
FOX Business News recently featured Cannabis Therapy Corp. (OTC: CTCO), where CEO Soren Mogelsvang discussed the medical cannabis market, some of the challenges, and the opportunities present for investors.
What to Watch This Week
Traders will continue to trend cautiously over the coming week after FINRA’s second major warning, but there are many catalysts that could drive stocks in the sector higher. For example, many companies have pending MMPR licenses with Health Canada that could generate long-term revenue, while others are close to releasing new products into the market that could begin generating revenue.
Upcoming Events
WeedStock Conference - June 29 to July 1, 2014 - The 1st Annual Cannabis Investor Conference in Denver, Colorado will feature networking events, industry speakers, expert panels, and more.
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SOURCE: Emerging Growth LLC