Midweek Lift: Broader Markets and Cannabis Sector Showed Bump for Humpday

The S&P 500, Russell 2k and Russell MicroCap all experienced gains of > 1.7%. MJIC Marijuana Index and Benzinga 420 Marijuana Index both underperformed, with a gain of 0.09% and a decline of 1.51% respectively.

Volume was generally low in the cannabis space, but several companies experienced intraday shift from negative to positive.

Daily Positive – Vaporizer names bounced today with MCIG and VPOR experiencing late day surges. In addition, the cannabis bellwether, GW Pharma, was hit early yesterday morning following a UK press release. Nonetheless, the stock rebounded from more than a 7% decline to close up 1.44%

Daily Negative – Cannabis indices underperformed small and micro caps.

As we start into the latter half of the week, we are watching post-trading developments, such as the release of Surna’s (SRNA) audited 8-k showing at least $1 million in revenue for the company. Audited financials are something we like to see, as they are still rare in this business.

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