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.
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!
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.