The Daily Dab: A Quick Hit On Cannabis Stocks 01/29/14

The cannabis sector remained extremely volatile and somewhat under pressure, with 7 double-digit percentage gainers and 9 double-digit percentage losers.  Only 1/3 of the stocks had volume above the 30-day average, and, like yesterday, many of the losers traded heavier-than-normal volume.  7 stocks traded over $5mm in value.

Note:  The list has expanded to include the complete universe

Mountains Of Money Amassing For Marijuana Investment

Tiny Easton Pharma (EAPH) traded higher on news about their potential Canadian deal with a grower, but the stock failed to exceed the prior day’s high and volume shrank.  Creative Edge Nutrition (FITX) jointly announced a major transaction with GrowLife (PHOT) that involved each of the companies investing in each other under certain conditions.  FITX, which is pursuing a Canadian license, hit resistance at the prior multi-year high set last week, while PHOT also ran into selling after a strong opening. FITX volume expanded, while PHOT saw its trading at similar levels to the prior day and well below recent peaks.  FusionPharm (FSPM) posted a multi-year high on expanded volume that is well below the peaks earlier this month.  Terra Tech (TRTC) reversed earlier losses following release of its news about its plans to apply for a dispensary license in Nevada.

Tranzbyte (ERBB) was one of the largest decliners, as it backpedaled on a recent customer announcement.  Medical Marijuana, Inc. (MJNA) continued its decline after reversing just below its all-time high near .50 yesterday.  Volume declined, but was above average and the sector’s largest in terms of dollars traded by a substantial margin.  Medbox (MDBX) posted its lowest close since January 6th, with volume accelerating though below the peak levels from earlier this month.  Cannabis Science (CBIS) posted the second-highest dollar volume as it corrected from recent multi-year highs set earlier this week.

Press Releases:

• EAPH
• ERBB
• FITX/PHOT
• PLPED
• TRTC

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