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Tuesday May 16th's Marijuana Stock Movers

May 16, 2017

 

Based on recent news and market movement in the early part of the trading day, here are a few marijuana stocks we'll be watching through the rest of today's trading session. News has been relatively busy since yesterday's close with a few earnings announcements, mangement changes and more. 

 

Cannabix Technologies Inc. (CSE:BLO)(OTC:BLOZF)

 

Shares of Cannabix Technologies are up more than 8% on the OTC Markets as of midday trading. Today's move comes on volume that is already higher than the company's 30-day average trading volume. Their CSE listing is up roughly 10% as of midday trading Tuesday. Today's bullish action comes without any recent news from the company. We'll be watching to see if these gains can persist into the close. 

 

India Globalization Capital Inc. (NYSE:IGC)

 

Earlier today, India Globalization Capital announced the company has appointed Craig Cheifetz, M.D. as a medical advisor. Shares of IGC are down nearly 6% on light volume as of midday trading Tuesday. Learn more about this NYSE listed cannabis stock by checking out the company's marijuana stock profile linked above. 

 

Surna Inc. (OTC:SRNA)

 

After yesterday's close, Surna Inc. filed the company's 10-Q with the SEC. On a year-over-year basis, revenue declined 36% and gross margin percentage fell 17%. In midday trading Tuesday, SRNA shares are down more than 12% on volume that is already more than 4x their 30-day average trading volume! We'll be watching to see if selling pressure continues to build on this news of declining revenue accompanied by increasing costs. 

 

The Hydropothecary Corp. (TSXV:THCX)

 

The Hydropothecary Corp. announced this morning that they have resumed the sale of cannabis products after their voluntary stop-sale. They also announced a voluntary recall of fourteen lots supplied before May 1st due to the detection of trace amounts of myclobutanil. Shares are currently up 4% on the TSX Venture Exchange. We'll be watching to see how the market continues to react to their sales resumption and voluntary recall. 

 

Conclusion

 

To learn more about any of the cannabis companies or news stories mentioned, be sure to check out the articles and stock profiles linked above. We'll be sure to keep readers posted regarding any important industry developments. Be sure to subscribe to one of our free newsletters so you never miss an important update! 

 

D/M/O

 

Disclosure

 

I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. The information contained on DailyMarijuanaObserver.com has been prepared solely for informational purposes. Nothing on the site is an offer or solicitation to buy or sell securities. Investors should seek financial advice regarding the appropriateness of investing in any securities mentioned from their financial advisor.

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Disclaimer: Except for the historical information and data presented herein, matters discussed in articles on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future performance or achievements expressed or implied by such coverage. Smoke Show Ventures, Inc., which owns The Daily Marijuana Observer, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. Smoke Show Ventures, Inc., which owns The Daily Marijuana Observer, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. Before making specific investment decisions, readers should seek their own professional advice and that of their own professional financial adviser. Smoke Show Ventures, Inc. or its affiliates, which owns The Daily Marijuana Observer, may be compensated for its services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.dailymarijuanaobserver.com/legal-disclaimer/.