Marijuana Stocks To Watch - Friday, July 28th

July 28, 2017

Rachel Douty

Based on recent news and market movement in the early part of the trading day, here are a few marijuana stocks to keep an eye on in the rest of today's trading session.

Canabo Medical Inc. (TSXV:CMM)(OTC:CAMDF)(FRA:ARAH)

In early trading Friday, shares of Canabo Medical are rising more than 2.5% on the TSX Venture. The company's OTC Markets listing is gaining more than 5%. Today's early bullish action came without any recent news from the company. We'll be watching to see if shares of Canabo can hold on to these gains heading into the close.

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India Globalization Capital Inc. (NYSEMKT:IGC)

After posting strong gains earlier in the week on a bullish editorial regarding the company's THC-based Alzheimer's treatment, shares of India Globalization Capital are continuing to rise in early trading Friday. At the time of this writing, IGC is gaining more than 6.5%. We'll be watching to see how shares of India Globalization Capital finish out the day's trading session.

Organigram Holdings Inc. (TSXV:OGI)(OTC:OGRMF)(FRA:0OG)

This morning, Organigram Holdings reported the company's financial results for the quarter ended May 31st, 2017. Revenue growth on a year-over-year basis was a muted 6%, and expenses increased on higher costs associated with quality control, inventory write-downs and preparation for the recreational market in Canada. In early trading Friday, shares of Organigram are down more than 2.5% on the TSX Venture. The company's OTC Markets listing is falling fractionally on volume that is already higher than the company's 30-day average trading volume. We'll be watching to see how the markets continue to digest Organigram's results.

22nd Century Group Inc. (NYSEMKT:XXII)

Shares of 22nd Century Group are gaining more than 15% in early trading Friday. Trading volume is already more than 3x the company's 30-day average volume! A filing with the SEC earlier today disclosed that the company's former CEO (who was fired in Fall of 2014) Joseph Pandolfino, has sold company shares and is no longer a 5% owner of XXII. Based on today's action, it would appear that the markets are cheering his gradual exit from the company (in terms of voting rights, as previously stated, he was fired in 2014, but retained some control of the company in terms of his voting rights as a large shareholder). We'll be watching to see how shares of 22nd Century Group finish out today's trading session on this news.

Conclusion

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, shares of India Globalization Capital and 22nd Century Group can be traded commission free using the Robinhood app.

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