The Daily Dab: A Quick Hit On Cannabis Stocks 02/10/14
The cannabis sector gave up ground again, with 14 double-digit percentage decliners and just 4 double-digit percentage winners, with over 70% of the group falling. 70% of the stocks had volume below the 30-day average. 8 stocks traded over $5mm in value.
Endexx (EDXC) reached new highs as it broke out of a three-week consolidation on very high volume. Creative Edge Nutrition (FITX) surged to new highs again, also on strong volume. CEO Bill Chabaan spent two hours speaking with members at 420 Investor. Medbox (MDBX) bounced back from recent declines, though volume fell. Plandai Biotechnology (PLPL) announced a funding agreement with a Chicago-based institutional investor, helping the stock rally .
Several names dropped more than 20%, including Rapid Fire Marketing (RFMK), Hemp, Inc. (HEMP), Endocan (ENDO) and Cannabis Science (CBIS), all on high volume, as well as SK3 Group (SKTO) and Easton Pharma (EAPH), both on below-average volume. FusionPharm (FSPM) retreated on high volume as well, closing 50% below the peak set on 1/31.
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Source: http://ab.typepad.com/ab_analytical_services/2014/02/the-daily-dab-a-quick-hit-on-cannabis-stocks-021014.html
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