The Daily Dab: A Quick Hit On Cannabis Stocks 12/04/13
Cannabis stocks were mainly under pressure today, with some profit-taking hitting a couple of names that had jumped higher yesterday and the correction continuing in GW Pharma (NASDAQ:GWPH) since almost touching $40 last week:
FusionPharm (OTC:FSPM), Medical Cannabis Payment Solutions (OTCPK:REFG), MediSwipe (MWIP) and Endexx (OTCPK:EDXC) all moved higher by 5% or more, but the volume was well below average on each of them (and pretty tiny too). On the downside, mCig (OTCQB:MCIG), Advanced Cannabis Solutions (OTCQB:CANN), Cannabis Sciences (OTCPK:CBIS) and Medbox (MDBX) all declined more than 5%. Volume was heavy on CBIS, MDBX, and MCIG.
GWPH traded almost $3.5mm in volume, 6X that of Medical Marijuana, Inc. (OTCPK:MJNA) as the stock continued its correction after spiking to almost $40 a week ago following the initiation by Piper Jaffray with a $73 target. The company presented this morning at their investor conference.
Two big winners yesterday, MCIG and Terra Tech (OTCQX:TRTC), gave up some of their gains, both on heavier-than-normal volume. TRTC CEO Derek Peterson will be sharing details about his company on a live webinar (free registration) on December 18th. TRTC soared yesterday after the company announced an organic produce collaboration.
The Daily Dab is brought to you by 420 Investor, a large and rapidly growing community of Green Rush investors seeking to capitalize on cannabis. To learn more about the sector, download your free guide.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.