Marijuana Sector Positioned to Move Higher as FDA Reviews Drug’s Status
WHITEFISH, MT / June 30, 2014 / The Marijuana Index(TM) traded marginally lower last week after MedBox Inc. (OTC: MDBX) and CannaVEST Corp.’s (OTC: CANV) moves lower offset GW Pharmaceuticals plc’s (NASDAQ: GWPH) modest gains.
Top gainers included Tauriga Sciences Inc. (OTC: TAUG), which jumped more than 60% after saying that it remains on track with its Honeywood acquisition to commercial products in the medicinal cannabis sector, and Vape Holdings Inc. (OTC: VAPE), which jumped more than 40% after reporting results from the soft launch of its e-commerce website HiveCeramics.com last week. The largest decliners included Easton Pharmaceuticals Inc. (OTC: EAPH), which fell nearly 20% last week.
Cannabis regulatory initiatives and news were mixed last week. While the United Nations warned about a rise in cannabis-related medical cases following legalization efforts, the U.S. FDA indicated that it would reconsider marijuana’s status as a Schedule I Controlled Substance. Legalization efforts have also gained ground in many U.S. states, with Oregon and Alaska becoming two battlegrounds for recreational legalization efforts over the coming year.
- Cannabis Therapy Hemp Farm Measures Up – Cannabis Therapy Corp.’s (OTC: CTCO) initial hemp cultivars are already well underway measuring in at 16 inches high with normal healthy growth characteristics.
- Cannabis Cultivation Strains Energy Grid – Cannabis cultivation could be putting a strain on the nation’s energy grid, leading some regulators and companies to come up with innovative solutions to the problem.
- A Junior GW Play in the Cannabis Industry – CannabisFN takes a closer look at Cannabis Technologies Inc. (OTC: CANLF) (CSE: CAN), which is being billed by many as a junior GW Pharmaceutials in the making.
- Debunking the Cannabis-Schizophrenia Link – Cannabis critics face a new argument that there may be a reverse association where schizophrenia may cause cannabis use rather than the other way around.
- Cannabis Tech to Begin Phase I Glaucoma Trials – Cannabis Technologies Inc. (OTC: CANLF) (CSE: CAN) announced the start of Phase I clinical trials of its CTI-085 topical cannabinoid therapy for the treatment of glaucoma.
- Abattis Secures Key International Patent – Abattis Bioceuticals Corp. (OTC: ATTBF) recently secured an International Patent for refining the optimal natural sources of nitric oxide in the human body.
Exclusive Interview Series
In a recent episode of CannabisFN’s Executive Interview Series, Mike Elliott sits down to talk with Cannabis Technologies Inc. CEO Craig Schneider to discuss the company’s Cannabinoid Drug Design Platform and its plans to develop treatments to specific medical conditions utilizing cannabinoids.
What to Watch This Week
The cannabis sector as a whole moved slightly lower last week, but a number of public companies in the space jumped higher. Traders and investors will continue to watch for positive regulatory developments, particularly as the FDA appears ready to review marijuana’s status as a Schedule I Controlled Substance. The removal of that marker could open up the door to new opportunities in the space.
– 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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SOURCE: Emerging Growth LLC
Source: Accesswire IA (June 30, 2014 – 9:32 AM EDT)