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

Midweek

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.

Morgan is a Founding Partner and Managing Director of Poseidon Asset Management. He is the Chief Investor of their Cannabis Focused Fund. Morgan previously worked for a privately owned Registered Investment Adviser and earlier was at UBS Financial Services focusing on wealth management. Morgan believes in the potential of the cannabis industry and likes having an active involvement as it develops. You can follow him on Twitter @PoseidonAsset.

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