Updated: 12:00pm Pacific.
Medical marijuana stocks (and stocks where people suspect a medical marijuana play may be coming) have been surging for the last few weeks but it appears, if today's action is anything to go by, the 420 money may be starting to focus on a handful of companies, which is leaving a lot of smaller players to twist in the wind.
In today's marijuana stock chronicles, we note Abbatis, Enertopia and Next Gen solidifying, while others wane. We also add a few new companies to our coverage, namely Compton Petroleum and Growlife.
The Marijuana Index (^MMJ) dropped 0.56% to $28.49 today, as our own Stockhouse Canadian MJ Play index, consisting of 1000 shares of all companies we’re covering, fell 1.43% to $5054.
The tale of the toke:
88 Capital Corp. (
TSX:V.EEC,
Stock Forum): A day after jumping 250% on rumor alone, 88 Capital slipped back to $0.025, a 28.5% drop, on minor volume. No public indication that this capital pool company is making any move into medical marijuana, in fact they haven’t released any news on any topic since they listed, but there are whispers out there that this will be a 420 play and that’s been enough to make it move hard.
Abattis Bioceuticals (
CSE:C.ATT,
Stock Forum): Up 17.9% a day after jumping 32%, having climbed to $2.10 from around $0.20 at the start of the month. Company has
bought up organic and hydroponic IP from 30-year marijuana fertilizer player Green-Gro, as well as Nature Juice fertilizer products. Has previously purchased Biocube Green Grow Systems. In a market filled with business plans, this company is rising hard based on actual business.
Alchemist Mining (
TSX:V.AMS,
Stock Forum): Down 20% a day to $0.155 after losing 17%. No news, small volume.
Ansell Capital (
TSX:V.ACP,
Stock Forum): Up 9% a day after a 14.3% drop, and four days after nearly doubling on an announcement it was seeking “opportunities in
agriculture, medical, technology, finance and resources”, which has quickly become code for ‘raising money to get into medical marijuana’. Sitting at $0.06 per share.
NEW:
Compton Petroleum Corp (
TSX:T.CMT,
Stock Forum): Formerly Newton Gold, word on the street is that Compton has ‘
changed business model’ (which might explain the new company name), but has made no public announcement as such. On the basis of that rumor alone (and it’s not backed by any verification), stock has leapt from the $0.04 range in early February to $0.26 today, with the price having jumped 20.4% today alone on relatively small volume (though this company has a small float of just 7.6m shares outstanding). Should be noted, before this price rise, shareholders were REALLY unhappy with management. Long at your own risk.
Easton Pharmaceuticals (
OTO:EAPH,
Stock Forum): Down slightly after a 27% jump yesterday in massive trading across the border (23.9m), now trading at $0.070. Doing several deals with medical marijuana-related companies but stock very volatile with 200m shares out.
Enertopia (
CSE:C.TOP,
Stock Forum): Up 29.1% one day after jumping 33.93%, rising to $1.02 on solid volume. Recently announced the
exercising of $290k of warrants. Recently announced the signing of a
Senior Vice President of Marihuana Operations. C.TOP stock has been a ten-bagger since January 1.
Global Hemp Group (currently Arris Holdings) (
CSE:C.AAF,
Stock Forum): Was largely unchanged early but ramped up late in the day to a 40% jump to $0.14 after (if we’re honest) a lot of messageboard spamming. Company has announced a shift towards
hemp industry and related products, stock split and name.
New - Growlife Inc. (
OTO:PHOT,
Stock Forum): Moving a ton of shares on the OTO, but sitting on 711m shares outstanding, so this is a really volatile stock. Working as a consolidator of cannabis companies, but may face a cash crunch going forward. Down 15% today, but sitting at $0.659 after opening the year at $0.15 makes investors happy.
Modern Mobility Aids Inc. (
OTO:MDRM,
Stock Forum): Up 2% to $0.121 on heavy trading. Announced in early February it would shift to the ‘alternate medicine market’, looking at the remedial properties of marijuana in ‘its natural plant form.’ Has since increased from $0.005 up 2400%.
Naturally Splendid Enterprises (
TSX:V.NSP,
Stock Forum): Up marginally to $0.22 a day after dropping 11.3%. Low trading volume. Company deals in
hemp-based nutritional products and has national distribution deals in place but isn’t catching the medical marijuana wave others are.
Next Gen Metals (
TSX:V.N,
Stock Forum): Up 30.2% on the NXTTF ticker, to $0.267. Has announced it will be focusing on medical marijuana and industrial hemp industries after
Harry Barr took control of the firm. He says the company is looking to ‘consolidate certain sectors of this fragmented industry’, and
is currently reviewing 45+ business plans and proposals for getting into the space.
Pan American Fertilizer (
TSX:V.PFE,
Stock Forum): Up 5.5% to $0.19 on low trading volume after company announced
plans to raise 500k through a PP. Worth remembering that this company has made no public move towards the medical marijuana field, but does have a loose relationship with Scott Walters, the Medical Marijuana industry consultant putting oomph in V.BUD and V.THC, which saw
shares in the company take off last week. The company says they know no reason for the share spike.
Satori Resources (
TSX:V.BUD,
Stock Forum): Stock down 8% on 2.2m volume early, to $0.105. Still no news beyond
previously noted ‘medical marijuana-ish’ moves, and the stock is subsequently very volatile.
Seaway Resources (
TSX:V.SEW,
Stock Forum): Stock dropped 28.5% in early trading after doubling the day before. $0.025 on strong volume. Still no announced business plan.
Thelon Capital (
TSX:V.THC,
Stock Forum): Up 12.5% to $0.09 with 1.3m volume. Only indication the company is looking to medical marijuana (aside from the all too obvious ticker symbol) is the signing of medical marijuana industry consultant
Scott Walters to the Board. Up 1800% since it was $0.05 in mid-February.