Cannabis stocks suffered a sharp reversal, as 8 names trades 5X the average 30-day volume and 18 names posted volume in excess of $1mm:
Alternative Fuels Americas (AFAI) soared on a promotion following a press release that discussed its new subsidiary, Marijuana Holdings Americas. mCig (MCIG) soared to its highest level since September and its highest volume since the merger, as the company apparently began advertising on youtube. Cannabis Science (CBIS) also bucked the trend on massive volume as it probed tested the highs of 2012. GW Pharma (GWPH) priced an upsized 2+mm shares at $36 but traded no lower than $40 as the issue posted a new high on its highest volume since the NASDAQ IPO. Medical Marijuana Inc. (MJNA) closed higher after breaking to multi-month highs on above average volume.
The largest decline was posted by one of the hottest stocks of late, Greengro Technologies (GRNH), which fell by more than 50% as volume declined. The stock is still up about 9X since year-end. Creative Edge Nutrition (FITX) dropped more than a third on 4X normal volume. FusionPharm (FSPM) fell similarly on 3X normal volume. Terra Tech (TRTC) posted a recent high before sharply reversing. CEO Derek Peterson was interviewed by the Wall Street Journal in its “Risk and Compliance Journal.” GrowLife (PHOT) posted a new all-time high before reversing following a Seeking Alpha article. Volume was over 5X the recent 30-day average and totaled a stunnng $69mm. Hemp, Inc. (HEMP) traded weak from early on, with high volume, similar to the actio at Medbox (MDBX). Both stocks were highlighted in a Seeking Alpha article that discussed the possibility of a near-term correction in the sector. Endexx (EDXC) broke to a new high before reversing with modest losses. The company shared a detailed update today regarding its collaboration with FITX in Canada.
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