Cannabis equities extended their rally last week with the Marijuana Index™ jumping around 30% from just over 26.00 to nearly 34.00. President Obama’s remarks to New Yorker editor David Remnick, saying that cannabis isn’t “more dangerous than alcohol” and “not very different from [cigarettes]”, were likely responsible for some of the bullish performance. The President also said that Colorado and Washington would prove to be an “interesting experiment” suggesting a more lenient attitude towards the drug.
– Obama Talks Pot with New Yorker – President Obama sat down with the New Yorker’s David Remnick and discussed some of his opinions on cannabis and its legalization in Colorado and Washington. Observers noted that the comments reflect leniency on the part of the Executive Branch.
– Advanced Cannabis Solutions Secures $30M – Advanced Cannabis Solutions Inc. (OTCBB:CANN – News) secured $7.5 million in immediate funding and an additional $22.5 million in future funding subject to certain conditions. The majority of the financing will be used to acquire cannabis growing properties.
– mCig Enters Vaporizer Market with Acquisition – mCig Inc. (OTCBB:MCIG – News) announced the acquisition of Vapolution, one of the most respected brands in the cannabis community that sells in over 11 countries and 200 shops worldwide. The new products will be sold alongside the firm’s existing mCig 2.0.
– SK3 Group Targets Door-to-Door Cannabis Delivery – SK3 Group Inc. (OTCBB:SKTO – News) announced a new management agreement with a medical marijuana logistics firm to provide door-to-door delivery of product to dispensaries across the state of California in a move that could drive sales.
– MedBox Expands IP Portfolio with Two New Patents – MedBox Inc. (OTCBB:MDBX – News) announced two new patents for its Vaporfection brand of products, including Vapor Glass™ and Vapor Sense™. The new patents should help set its products apart from the competition as the sector heats up.
What to Watch This Week
Cannabis traders and investors should see a steady stream of news this week, as ballot initiatives continue to gain steam in several states. New companies entering the recreational and/or medical cannabis space could also present some new opportunities to profit. While these catalysts should provide a level of support, traders should watch for profit taking given the extraordinary upswing across the sector.
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