The Marijuana Index(TM) traded higher last week amid GW Pharmaceuticals plc’s (GWPH) rally higher as well as broader gains across the industry.
WHITEFISH, MT / June 24, 2014 / Top gainers included GW Pharmaceuticals plc (GWPH), which rallied more than 20% last week after reporting favorable preliminary data on its clinical trials, and Novus Acquisition & Development Corp. (NDEV), which extended its rally by about 11% this week. Losers last week included Tranzbyte Corp. (OTC:ERBB), which fell 8.3% on no news, and Fusion Pharm Inc. (OTC:FSPM), which gave up some of its strong gains from the prior week.
Cannabis regulatory initiatives also continued to gain ground last week. In New York, the legislature and governor agreed to a last-minute deal to legalize limited forms of medical marijuana for limited numbers of patients. Florida lawmakers reached a similar deal to legalize medical marijuana in a limited way as well, helping open the doors in more U.S. states. And finally, Hillary Clinton’s stance on the legalization of marijuana also appears to be lightening up.
- Novus Aims to Fill Void in Cannabis Industry – CannabisFN profiles Novus Acquisition & Development Corp. (NDEV) and its plans to introduce a health insurance program geared towards medical marijuana patients.
- Hillary Clinton Lightens Stance on Cannabis – Possible Presidential Candidate Hillary Clinton recently made comments that suggest her attitudes towards cannabis are evolving to be more liberal over time.
- Intelligent Highway Solutions Targets Cannabis – After licensing a proprietary lighting solution for commercial applications, Intelligent Highway Solutions Inc. (IHSI) unveiled plans for cannabis growers.
- New York Legalizes MMJ after 20 Year Battle – New York State legalized limited forms of MMJ for limited patient conditions, which if signed off on by the governor, would make it the 23rd state to legalize the substance.
- CannLabs Expands into CT Testing Market – CannLabs Inc. (SDSPD) announced that it signed exclusive agreements with two of the four licensed cannabis businesses in Connecticut to provide lab and analytics services.
Exclusive Interview Series
In a recent episode of CannabisFN’s Executive Interview Series, Mike Elliott sits down to talk with Novus Acquisition & Development Corp.’s Andrea Lopez about the company’s plans to enter the medical marijuana insurance and compliance markets.
CannabisFN’s Mike Elliott also profiled Intelligent Highway Solutions Inc.’s new lighting solutions that it has licensed for the cannabis industry, which could help growers reduce their electricity costs and improve their yields.
What to Watch This Week
The cannabis sector moved higher last week after GW Pharmaceuticals plc reported its bullish news. While medical marijuana gains ground in the U.S., Canadian companies are also starting to see the fruits of the Marihuana for Medical Purposes Regulations ("MMPR") that went into effect earlier this year. Investors could see more licensed producers become publicly traded over the coming quarters.
WeedStock Conference – June 29 to July 1, 2014 – The 1st Annual Cannabis Investor Conference in Denver, Colorado will feature networking events, industry speakers, expert panels, and more.
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