Whitefish, MT / May 5, 2014 / The Marijuana Index™ moved about 8% higher over the past week, led by a 15% jump in GW Pharmaceuticals plc (GWPH) shares. Last week, Morgan Stanley analysts rated the stock “overweight” with a $103.00 per share price target, which is significantly higher than the consensus price target of $54.43. Shares of many other cannabis stocks remained largely neutral throughout the week.
On the regulatory front, two deaths brought about by edible cannabis products have prompted Colorado lawmakers to rethink its rules dealing with edibles. Regulators are considering new rules to govern edibles, and in particular, the level of THC that’s considered to be a “serving size”. While these rules may force some changes, they are a sure-sign that the industry is continuing to adapt and mature.
- Medican Purchases 400K Sqft Grow Facility – Medican Enterprises Inc. (MDCN) announced that its JV partner signed an agreement to purchase a 400,000 square foot grow facility in Canada that could make the JV partner one of the largest medical cannabis producers in the country.
- Coloradans Support Cannabis (with a Catch) – The majority of Coloradans indicate they supported the legalization of cannabis, according to a new survey, but 52% also indicated they were less likely to vote for a cannabis-smoking political candidate despite their beliefs.
- BreedIT Adds Key Talent to Advisory Board – BreedIT Corp. (BRDT) added Dr. Alan Shackelford to its Scientific Advisory Board to focus on improving the number and stability of cannabis varieties that have distinct medical applications, setting the stage for broader licensing opportunities.
- Medical Cannabis May Benefit MS Patients – Multiple sclerosis sufferers may benefit from taking medical cannabis, according to a new study. Patients using a pill or oral spray reported relief from a number of symptoms, adding to a growing body of research showing cannabis’ medical efficacy.
- Water Technologies Expands into Cannabis – Water Technologies International Inc. (WTII), a leader in atmospheric water production, announced plans to enter the cannabis industry with its GR8 Water technology capable of generating 100 to 4,000 gallons of water daily.
What to Watch This Week
Many cannabis stocks have started to even out after seeing tremendous gains over the past few months, while others like GW Pharmaceuticals plc have continued to gain ground as they mature. Investors in the space seem to be waiting for sure-fire catalysts to materialize before taking positions, while speculative traders have started to exit the market for many stocks as volatility has evened out. Traders and investors should look for more of the same over the coming weeks.
- GreenRush Financial Conference – May 7, 2014 – The GreenRush Financial Conference in Vancouver, Canada will educate and facilitate investors looking to capitalize on the burgeoning cannabis industry.
- Cannabis Investor 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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