Whitefish, MT / June 9, 2014 / The Marijuana Index(tm) was largely mixed over the past week following its tumble over the past three months.
Medican Enterprises Inc. (OTC: MDCN) was among the top gainers last week, jumping more than 65% after its joint venture partner received zoning approval from the City of Delta on June 2nd. BreedIT Corp. (OTC: BRDT) shares also jumped more than 30% after a June 3rd SeekingAlpha article was published. Endexx Corp. (OTC: EDXC) and Cannabusiness Group (OTC: CBGI) were among the biggest drops.
Cannabis regulatory initiatives gained progress last week, after the House of Representatives moved to prevent the DEA and DOJ from targeting medical marijuana in states where the drug has been legalized. Many industry supporters see the move as the start of a federal-level framework. Meanwhile, the FDA gave GW Pharmaceuticals plc (NASDAQ: GWPH) fast-track status for its cannabinoid-based drug targeting childhood epilepsy in a positive sign for medical use cannabis.
- Maple Leaf Green World Ahead of the Game – CannabisFN takes a look at Maple Leaf Green World Inc. (OTC: MPEFF) (TSXV: MGW) and its recent moves to lease a 7-acre greenhouse facility in British Columbia and pursue Licensed Producer status under Canada's new MMPR program.
- House Moves to Prevent DEA/DOJ from Targeting MMJ – House members voted to restrict the DEA and DOJ from using funds to target medical marijuana operations in states where the drug is legalized, marking a significant step towards a nationwide policy on medical marijuana.
- Supreme Pharma Takes Step Closer to Commercialization – Supreme Pharmaceuticals Inc. (OTC: SPRWF) announced an acquisition earlier this week and efforts to implement security measures required to get its Canadian grow facility online as what could be the largest MMPR producer.
- FDA Fast-Tracks GW Pharma's Epidiolex – The U.S. FDA gave fast-track designation to GW Pharmaceutical plc's (NASDAQ: GWPH) cannabinoid-based Epidiolex for the treatment of a rare form of childhood epilepsy in what could be a positive sign for companies in the industry.
- Interactive Health Network Makes Acquisition – Interactive Health Network (OTC: IGRW) announced its third acquisition and second purchase of a managed service provider within the cannabis industry; two of the acquisitions reportedly generate about $1 million per year each in revenue.
Exclusive Interview Series
CannabisFN's Executive Interview Series continued over the past week with three new interviews conducted by CFN's Mike Elliott.
- Maple Leaf Green World (OTC: MPEFF) (TSXV: MGW)
- The NOW Corporation (OTC: NWPN)
- Cannabis Therapy Corp. (OTC: CTCO)
What to Watch This Week
The cannabis sector was largely mixed over the past week. After moving lower over the past three months, investors are starting to take a second look at the sector as the dust settles. The industry appears to be maturing as many Canadian companies move closer to obtaining their MMPR licenses and U.S. companies benefit from the ongoing liberalization of cannabis policies on a federal level.
- 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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