Cannabis stocks struggled heading into the weekend. There were 6 double-digit percentage gainers and 9 double-digit percentage losers, with only 34% of the group in the green. Stocks with volume above the 30-day average fell from 30% yesterday to 26%, with 7 stocks trading over $5mm in value.
Enertopia (ENRT) announced via 8-K that it has an option to increase its ownership to 75% of Green Canvas, a Canadian grower in the process of receiving regulatory approval under the new program in that country. The stock enjoyed record volume as it bounced sharply of the 50dma. Dewmar International BMC (DEWM) bounced back following a more than 50% decline recently, with volume expanding. Stevia (STEV) rallied through the day before pulling back in the final hour as it enjoyed substantially higher trading volume. Vapor Group (SPLI) bounced off the 10ma as volume surged. Advanced Cannabis Solutions (CANN) continued its recent advance, with the volume, the fourth highest in dollar terms, picking up from yesterday. Recent biotech IPO Cara Therapeutics (CARA) posted a new high before reversing somewhat, with volume increasing. mCig (MCIG) posted a new high before giving up some gains as volume expanded following a sharehlder update that detailed the potential to uplist.
Nuvilex (NVLX) was the big loser on the day and second most active in dollar volume, falling sharply following a negative article. Volume set a record as the stock reversed from a new high early in the session. Despite the setback, NVLX rose sharply during the week. Latteno Foods (LATF) dropped on increased volume. Tranzbyte (ERBB) closed at a two-week low as volume picked up. Creative Edge Nutrition (FITX) saw volume expand as it retraced more of its large YTD gains. Volume was very heavy in the morning as the stock plunged from the onset, though it bounced back almost 19% by the close.
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