Cannabis Stocks Move Higher as Washington State Pot Sales Begin
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 (NASDAQ: GWPH) shares and a roughly 1.5% drop in Medbox Inc. (OTC: MDBX) shares, which comprise about half of the weighted index.
Top gainers included Abattis Bioceuticals Corp. (OTC: ATTBF), which jumped 14.75% after announcing an up-listing to the OTCQX, and Nuvilex Inc. (OTC: NVLX), 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. (OTC: DIGP). The state’s market is expected to be larger than Colorado’s in gross size.
– Cannabis Therapy Moves Closer to Commercialization – Cannabis Therapy Corp. (OTC: CTCO) 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 (OTC: CBDS) 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. (OTC: CNAB) 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. (OTC: CEHC) 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.
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SOURCE: Emerging Growth LLC
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