The Daily Dab: A Quick Hit On Cannabis Stocks 02/06/14

The cannabis sector was quite mixed,  with 10 double-digit percentage gainers and 9 double-digit percentage losers. 55% of the stocks had volume below the 30-day average, with the extreme moves all showing heavy volume.  9 stocks traded over $5mm in value, fewer than the last several days. Negative articles on Hemp, Inc. (HEMP) and GrowLife (PHOT)  resulted in hits to those stocks.

The leaders on the day tended to be smaller stocks, but Creative Edge Nutrition (FITX) soared to a multi-year high as volume expanded.  mCig (MCIG) notched an all-time high as well, as volume increased. Both Tranzbyte (ERBB) and Terra Tech (TRTC) posted new highs as well.

HEMP was hit particularly hard and had the highest dollar volume in the sector on the day as turnover increased.    Cannabis Science (CBIS) saw heavy selling early on and never fully recovered.   PHOT remained volatile in front of tomorrow’s shareholder vote to raise the authorized share-count from 1 billion to 3 billion.  GW Pharma (GWPH) posted an all-time high early on but reversed and closed below the prior day’s low.

Press Releases:

• FITX
• MCIG
• TRTC

 Street.com coverage

• Are Marijuana Stocks Shady?
• Hemp Bill

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