The closing bell has rung and its time to take stock of the day's market action. Broad cannabis equity markets rose roughly 1% in today's trading session. (as measured by the Solactive North American Medical Marijuana Index). Despite broader bullish action, a few names from our global marijuana stock database closed today's trading session deeply in the red. In alphabetical order, here are 5 of the biggest marijuana stock losers in trading on Monday, August 14th, 2017.
AXIM Biotechnologies Inc. (OTC:AXIM)
Earlier today, AXIM Biotechnologies filed with the SEC to disclose that the company will be late in filing their 10-Q for the period ended June 30, 2017. In the filing, AXIM stated "...the Company needs additional time to finish the Report and to furnish Exhibit 101...". This announcement spooked the market, sending shares of AXIM down 12.04% on the day. Volume today was more than 4x the company's 30-day average trading volume. Learn more about AXIM Biotech by checking out their marijuana stock profile linked above.
Related: AXIM Biotech to Study CBD Gum to Treat Drug-Induced Psychosis
Nemus Bioscience Inc. (OTC:NMUS)
Shares of Nemus Bioscience dropped 1.85% in today's trading session on lighter than average volume. Today's declines came without any recent news from the company. Be sure to visit Nemus' marijuana stock profile linked above to view a custom stock chart and more.
Related: Nemus Bioscience's Synthetic CBD Improves Ocular Absorption
Solis Tek Inc. (OTC:SLTK)
Solis Tek dropped 6.57% in today's trading session on volume that was lighter than the company's 30-day average volume. This morning, the company's announced their results for the quarter ended June 30, 2017. Revenues increased 15% compared to the same period in 2016, but higher expenses prevented this increase from reaching the bottom line. Not only higher expenses hide top line growth, these rising costs drove Solis Tek to a net loss of $1.59 million in the quarter, up significantly from their loss of $35,157 in the comparable quarter of last year.
Related: Solis Tek Inc. Announces 11% Increase in Revenues
Surna Inc. (OTC:SRNA)
In today's trading session, shares of Surna dropped 6.42% on lighter than average volume. This morning, Surna announced the company's financial results for the quarter ended June 30, 2017. Revenue declined 8% versus the comparable quarter of last year and operating expenses ballooned to $1,610,000 in Q2'17, up more than 137% from the second quarter of 2016. Learn more about Surna by checking out the company's marijuana stock profile linked above.
Related: What's Going On at Surna? (our report on their Q1'17 financials)
Zynerba Pharmaceuticals Inc. (NASDAQ:ZYNE)
Shares of Zynerba Pharmaceuticals dropped another 10.81% in today's trading session. This morning, the company announced that their cannabidiol (CBD) gel, ZYN002 failed to meet its primary endpoint in a phase two clinical trial for the treatment of knee osteoarthritis. That said, the drug did meet multiple secondary endpoints, and the company plans on continuing to develop ZYN002 for osteoarthritis. The market continues to wonder if the mediocre to just plain bad (in ZYN002's epilepsy trial) results coming out of Zynerba have to do with their topical gel delivery method (that the company bills as being better because it avoids first pass liver metabolism), with synthetic CBD more broadly or with some other, to be determined, variable. Learn more about Zynerba by checking out the company's marijuana stock profile linked above.
Related: 7 Things to Know About Zynerba's Pipeline & Q2 Earnings Release
Conclusion
Find more about today's losers by checking out their respective profiles in our global marijuana stock database via the linked tickers above. To stay up to date with important developments in the cannabis industry, be sure to subscribe to one or more of our free email newsletters. Don't be a stranger; connect with The Daily Marijuana Observer on Facebook, Twitter, StockTwits and Instagram!
Now Read: Today's Biggest Marijuana Stock Gainers
D/M/O
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