Cannabis stocks moved higher last week alongside the broader markets, led by companies like Latteno Food Corp. (OTCBB: LATF) and Advanced Cannabis Solutions Inc. (OTCBB: CANN).
Several cannabis companies announced new initiatives to expand their access to the market last week. For instance, FusionPharm Inc. (OTCBB: FSPM) announced that it doubled its manufacturing capacity to meet new demand while Resource Ventures Inc. (OTCBB: REVI) partnered with Hemp Inc. (OTCBB: HEMP) to publish The Hemp Nation Magazine and ultimately compete in the cannabis business.
Cannabis investors have also been keeping an eye on many positive signs coming out of Washington D.C. and various states. More than a dozen members of Congress sent a letter to President Obama requesting that marijuana be removed from the federal government’s list of hard drugs on Wednesday of last week. At the same time, activists in Oklahoma and Alaska made progress in bringing cannabis law to the forefront.
– Pressure Builds on Obama to Address Cannabis Laws – President Obama received a letter of more than a dozen members of Congress requesting that marijuana be removed from the federal government’s list of hard drugs, particularly after the President’s own remarks to the media.
– FusionPharm Doubled Its Manufacturing Capacity – FusionPharm Inc. announced that it doubled its manufacturing capacity with 10,000 additional square feet of space to meet increasing demand. The company has developed vertical farming systems known as PharmPods.
– Alaska Will Vote on Cannabis Legalization in August – Alaska could join Colorado and Washington as the next U.S. state to legalize cannabis after advocates surpassed the 30,169 signatures required for the issue to appear on ballots during the elections on August 19, 2014.
– Neutra Expands Its Presence in Vapor Market with Acquisition – Neutra Corp. (OTCBB: NTRR) announced the acquisition of Diamond Anvil Designs to expand its presence in the vaporizer market. Smoke-free delivery systems have exploded in popularity recently, particularly among cannabis users.
– Coloradans Still Support Cannabis Legalization – A new poll showed that Coloradans still support the legalization of adult use marijuana despite concerns that it could be tainting the state’s image. Most of those that remain opposed tend to be older conservative voters.
What to Watch This Week
The cannabis sector moved marginally higher last week, particularly after the letter from Congress to President Obama. Traders should watch for ongoing news from both federal and state capitals as legislation moves forward. Many new companies continue to enter the cannabis business as well, either through acquisitions or joint ventures, which could represent new opportunities in the space for investors.
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