MJ stocks were weak for the second straight day, with 63% of the group declining. There were 3 double-digit percentage gainers and 9 double-digit percentage losers. Stocks with volume above the 30-day average fell to 32%, with only 5 stocks trading over $5mm in value. 7 of the 10 highest dollar-volume stocks declined.
Rapid Fire Marketing (RFMK) blasted higher on the announcement of an uplisting from the pink-sheets. Nuvilex (NVLX) bounced back after opening lower but stalled at the 10-day moving average as volume fell slightly. The company released news related to its core business and not its cannabis efforts. Growlife (PHOT) bounced after opening lower, with volume declining slightly as it successfully tested the 10dma.
CannaBusiness Group (CBGI) posted another sharp loss as volume shrank. Mentor Capital (MNTR) also was in retreat, with volume picking up sharply. Greengro Technologies (GRNH) opened higher following news of a capital raise but closed just above the 10dma as volume expanded. CannaVest (CANV) sunk as investors learned of insider selling over the past two months that was reported before the market opened, with Stuart Titus cashing out almost $7mm.
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