The Daily Dab: A Quick Hit On Cannabis Stocks 02/03/14

Marijuana Investing Moves to Main Street

The cannabis sector was quite volatile again,  with 11 double-digit percentage gainers and just 1 double-digit percentage loser.  38% of the stocks had volume above the 30-day average, , and  just 9 stocks traded over $5mm in value.  One of the big catalysts on the day was Jim Cramer’s announcement this weekend that he is covering the sector.

Note:  The list has expanded to include the complete universe

Alan Brochstein on Benzinga Pre-Market Show

Hemp Inc. (HEMP) cleared its former peak from a year ago on massive volume, with the move perhaps tied to the U.S. farm bill.  PharmaJanes (AEGY) cleared its highs from last week as volume expanded.  mCig (MCIG) broke to new highs on increased volume following a press release detailing business trends, a new product and a pending spin-off.   GrowLife (PHOT) broke enjoyed follow-through from last week’s rally as volume remained near the 30-day average.  

Plandai Biotech (PLPL) reversed earlier in the morning after reaching a new high and dropped by over 33% as volume accelerated to a record.  Advanced Cannabis Solutions (CANN) continued to pull back and has now retraced almost 50% of its peak gains in 2014, with volume picking up.  Medical Marijuana, Inc. (MJNA) was weak from the onset and dropped towards the 10dma as volume picked up.  Tranzbyte (ERBB) also sold off from the open and saw volume pick up a bit.

Press Releases:

• CBIS/MDBX
• ENDO/MDBX
• FITX
• ICBU
• MCIG
• MDBX

 Street.com coverage

• Medbox CEO Interview
• Are Marijuana Stocks Shady

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