Whitefish, MT / ACCESSWIRE / May 27, 2014 / The Marijuana Index™ moved modestly lower last week amid lackluster performance by bellwethers like GW Pharmaceuticals Ltd. (NASDAQ:GWPH) and CannaVEST Corp. (CANV), which traded down 0.88% and 69.5%, respectively.
Top performers included Tranzbyte Corp. (ERBB) with a 41.92% gain last week due to the increasing traction for its ZaZZZ machines that will begin shipping to four dispensaries in three states this week. The biggest losers included a 19.83% drop in Easton Pharmaceuticals Inc. (EAPH) after it reported its latest 10-Q filing with the SEC outlining its financial condition.
Legalization trends gained ground over the past week, although new challenges presented themselves in the form of water rights. The U.S. Bureau of Reclamation said that it wouldn’t allow federal waters to be used by the cannabis industry, which comes in contrast to many other federal agencies that have been supportive of the cannabis industry, including the U.S. Department of Justice and White House.
What's New?
- Abattis Poised to Capture Upside in Marijuana Industry – We look at Abattis Bioceuticals Corp.’s (OTC:ATTBF) (CSE:ATT) full-spectrum platform approach to the rapidly growing North American cannabis industry.
- Cannabis Growers Face Water Access Challenges – The U.S. Bureau of Reclamation indicated that it wouldn’t allow any federally controlled water to be used on cannabis crops, posing potential problems for the industry.
- Maple Leaf Adds Horticulturalist to Team – Maple Leaf Green World Inc. (OTC:MPEFF) (CSE:MGW) appointed experienced horticulturalist Joe Wong to head its newly established operations targeting an MMPR license.
- Israel Could Serve as a Medical Cannabis Role Model – Medical cannabis may be experiencing problems in the U.S. on a federal level, but Israel’s burgeoning medical cannabis program could serve as a template for others.
- Cannabis Therapy Secures Lease & Crop Services – Cannabis Therapy Corp. (CTCO) closed a commercial land lease and crop service agreement with Rocky Mountain Hemp Inc. of Springfield, CO.
What to Watch This Week
Traders will be watching a number of companies and trends this week. After its rise last week, Tranzbyte Corp.’s (ERBB) stock will be closely watched by trend traders and investors alike, as its machines gain traction. Investors will also be on the watch for regulatory intervention both in the equity market – as has become increasingly common – and among federal agencies.
Upcoming Events
- 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.