Based on recent news and market movement in the early part of the trading day, here are a handful of marijuana stocks we'll be keeping an eye on through the rest of today's trading session.
Cara Therapeutics, Inc. (NASDAQ:CARA)
In early trading Monday, shares of Cara Therapeutics are up more than 8% after gaining more than 35% last week. On Friday, one of Cara's non-cannabinoid products was granted a Breakthrough Therapy designation by the FDA. Given all of this bullishness, we'll be watching shares of Cara through the rest of the trading day to see if they pause here or continue to march higher.
GB Sciences, Inc. (OTC:GBLX)
Shares of GB Sciences are up more than 3% in early trading Monday. This morning, the company announced that they have secured their bid to cultivate and sell medical marijuana for Louisiana State University's AgCenter. We'll be watching to see how shares of GB Sciences finish out today's trading session.
India Globalization Capital, Inc. (NYSE:IGC)
In early trading Monday, shares of India Globalization Capital are up more than 25% on volume that is already more than 3x the company's 30-day average volume. Given this early breakout, we'll be watching shares of India Globalization Capital closely through the rest of the trading day.
22nd Century Group, Inc. (NYSE:XXII)
Last week, it was announced that 22nd Century Group is being added to the Russell Microcap Index. This is usually a bullish signal as funds that track the index will now have to buy shares of 22nd Century to meet their investment mandates. In early trading Monday, shares of XXII are down 1.5%. We'll be watching to see how 22nd Century finishes out today's trading.
Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE)
Effective last Friday, Zynerba Pharmaceuticals was added to the Russell 3000 Index. This is usually a bullish signal as funds that track the Russell 3000 index will now have to own shares of Zynerba to meet their investment mandates. Additionally, this morning, Zynerba announced that they are initiating Phase 1 clinical trials of their THC-based transdermal patch. In early trading Monday, shares of ZYNE are down more than 0.5%.
That's all we have for now, but we'll be sure to keep readers posted regarding important developments in these names and in the cannabis industry worldwide. Remember that four of the stocks to watch today (Cara Therapeutics, India Globalization Capital, Zynerba Pharmaceuticals and 22nd Century Group) can be traded for free using the Robinhood App.
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