Marijuana stocks provided a lot of excitement this week for investors. From their ups and their downs, the industry saw what appeared to be "the next big thing" turn out to be nothing more than a spark.
Should we be surprised things turned out the way they did this week? No. With so much news surrounding the medical marijuana industry, it's amazing we didn't see a surge of new medical marijuana companies rising from the smoke (sorry couldn't help myself there). However, those that did take advantage of any good news got the boost. Those that didn't just didn't get talked about.
Here's to this week's marijuana stocks that kept all the penny stock investors on the edge of their seats. However, the realization of the volatility of this alleged cash crop is becoming more prevalent. According to an article published today by USA Today, the downward turn has already begun. The article said, “…But marijuana mania continues to fade as investors realize there's more smoke than fire at many companies, which show "pot-tential" but little actual revenue. CannaVest, which specializes in industrial hemp production, had climbed to $201 a share last month. It closed up 11% to $68.10 Friday, but it's lost nearly two-thirds of its market value…”
Listed are this week’s marijuana stocks that caught a little steam, but left investors inhaling for more.
Growlife Inc. (OTCBB:PHOT) plays with investor emotions
Growlife Inc. (OTCBB:PHOT) played with investor emotions this week, coming out the corner swinging on Monday, trading around 0.7385
The company had ended last week's trading at 0.58. Monday's trading was its highest of the year. However, it was not meant to last as the stock tanked the next day by 13 percent. The stock had remained near the 0.65 mark most of the week, but dropped again Friday 0.584, down 0.065 (-10.02%).
Transbyte Corp (OTCMKTS:ERBB) fights to remain in green
Transbyte Corp. (OTCMKTS:ERBB) was one of the few marijuana stocks that worked to maintain some form of stability this week. In fact, it's been off the races since closing Monday's trading at 0.05. On Tuesday it jumped to 0.056, and again Wednesday near the 0.07 mark. After flat lining Thursday's trading near 0.06 it jumped again today, this time past 0.07 to close at 0.0748, up 0.0148 (24.67%).
Nuvilex Inc (OTCMKTS:NVLX) surprises investors this week
Nuvilex Inc. (OTCMKTS:NVLX) isn't really a marijuana stock at all, but if you consider its ties to Medical Marijuana Inc., that explains why it's even considered a "weed stock". Nonetheless, the company caught investors' attention this week with their announcement they had contracted with Austrianova of Signapore for cGMP-Compliant Cell-in-a-Box(R) Encapsulation of Cells for Clinical Trials. According to the release the company will, "... perform the cGMP (Current Good Manufacturing Practices)-compliant encapsulation of live cells to be used for Nuvilex's clinical trials in patients with advanced, inoperable pancreatic cancer and associated conditions and other types of cancer..." However, up to this point, there are no reports of a medical marijuana connection.
Medical Marijuana Inc (OTCMKTS:MJNA) helps to develop Hempwire, LLC
Medical Marijuana Inc.(OTCMKTS:MJNA) actually joined the penny stock winners list today, closing trading in the green at 0.320, up 0.007 (2.20%). The company received some media attention this week, signing a Memorandum of Understanding with LiveWire Ergogenics Inc. to Develop HempWire, LLC. According to the release, "...This MOU enters Medical Marijuana Inc. into the functional foods market with immediate distribution through LiveWire's extensive chain of existing convenience store retailers, grocery stores, and pharmacy chain stores. Research indicates that the overall global functional foods market is valued at $221.58bn in 2014..."
This news may have given the stock a much needed breath of fresh air to finish the week in the green. The company had been pushed to the back of the line this week when it came to marijuana stock movers.
However, it's not expected to maintain the 2 percent it did earn Friday. But after this week, anything is possible.