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 (GWPH) since almost touching $40 last week:

FusionPharm (FSPM), Medical Cannabis Payment Solutions (REFG), MediSwipe (MWIP) and Endexx (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 (MCIG), Advanced Cannabis Solutions (CANN), Cannabis Sciences (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. (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 (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.