Jul 14, 2014 (ACCESSWIRE via COMTEX) — WHITEFISH, MT / July 14, 2014 / The Marijuana Index(TM) moved higher last week in the aggregate, despite a 13% drop in GW Pharmaceuticals plc /quotes/zigman/15446670/delayed/quotes/nls/gwph GWPH -1.26% shares and a roughly 1.5% drop in Medbox Inc. /quotes/zigman/7157004/delayed/quotes/nls/mdbx MDBX -0.52% shares, which comprise about half of the weighted index.
Top gainers included Abattis Bioceuticals Corp. /quotes/zigman/11783463/delayed/quotes/nls/attbf ATTBF +3.00% , which jumped 14.75% after announcing an up-listing to the OTCQX, and Nuvilex Inc. /quotes/zigman/542832/delayed/quotes/nls/nvlx NVLX +7.69% , which jumped about 4.63% after announcing that pre-clinical trials would begin in August. Top losers included GW Pharmaceuticals, with its 13% drop caused largely by short-term traders and some investors taking profits off the table.
Cannabis regulatory initiatives continued to progress last week, driving interest in the industry to new highs. Washington State began selling recreational marijuana in a select number of locations, helping boost many public companies operating within the state, including Abattis Bioceuticals Corp. and DigiPath Inc. /quotes/zigman/36184301/delayed/quotes/nls/digp DIGP -3.33% . The state’s market is expected to be larger than Colorado’s in gross size.
What’s New?
- Cannabis Therapy Moves Closer to Commercialization – Cannabis Therapy Corp. /quotes/zigman/31573429/delayed/quotes/nls/ctco CTCO -19.99% announced that it was starting exploratory laboratory research to develop cannabinoid-based products targeting inflammation and auto-immune diseases.
- Gary Johnson, the Presidency, and Cannabis – CannabisFN takes a look at Cannabis Sativa Inc.’s /quotes/zigman/24849596/delayed/quotes/nls/cbds CBDS -0.92% new CEO and former New Mexico Governor Gary Johnson, including a look at his business and political experience and Presidential aspirations.
- United Cannabis Brings Products to Retailers – United Cannabis Corp. /quotes/zigman/33654770/delayed/quotes/nls/cnab CNAB -9.25% signed two new management, marketing, and distribution agreements with The Melts and Emotek to market their products to its retail contacts, including dispensaries and pharmacies.
- New Study Sheds Light on CO Cannabis Industry – CannabisFN takes a look at a new report indicating that Colorado’s legal marijuana industry may be much larger than initially expected, partly due to the large amounts of cannabis consumed by heavy users of the drug.
- Cephas Brings Bitcoin to MMJ Marketplace – Cephas Holding Corp. /quotes/zigman/8387519/delayed/quotes/nls/cehc CEHC 0.00% recently released an application that allows medical related businesses to accept bitcoin, including those companies operating in the legal cannabis industry looking for easier payment handling.
What to Watch This Week
The cannabis sector moved slightly higher last week, despite a drop in bellwethers like GW Pharmaceuticals and MedBox Inc. Over the coming week, traders should watch for some buying interest to reignite, especially if the overall market begins to recovery from its fall last week. Meanwhile, regulatory progress should keep the industry’s fundamentals moving forward in a positive direction.
About CannabisFN
CannabisFN.com is a dedicated financial network covering new, emerging and established companies operating in the burgeoning multi-billion dollar medical marijuana (“MMJ”) and cannabis industries. CannabisFN’s coverage is syndicated on the leading industry specific and mainstream financial websites and social media. To learn more and request a media kit, visit http://www.cannabisfn.com/market-defining-companies-program/ .
To subscribe to the CannabisFN newsletter or read additional coverage on cannabis laws and investments, visit http://www.cannabisfn.com .
Disclaimer: Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and may increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, may be compensated for its services in the form of cash-based compensation or equity securities in the companies it writes about, or a combination of the two. For full disclosure please visit: http://www.cannabisfn.com/legal-disclaimer/ .
SOURCE: Emerging Growth LLC
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Cannabis Stocks Move Higher as Washington State Pot Sales Begin
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