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Marijuana Stocks Reap Benefits as Wall Street Edges Higher

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Wall Street edged higher on Wednesday as investors evaluated earnings ahead of a statement from the United States Federal Reserve that could give hints in regards to the timing of the interest rate hike. Investors are directing their attention on the outcome of the Fed’s two-day policy meeting with markets torn on whether it will take a hawkish or dovish stance. It’s projected that there will be no action taken on rates this week. U.S interest rates have remained near zero for nearly 10 years and the Fed has stated it will increase rates once it sees a continued recovery in the economy. There have been rumors that the Fed will raise interest rates sometime around September of this year. Now with that being said, one particular space in the market has seen positive affects from Wall Street moving higher it’s the popular Cannabis space. Cannabis stocks have gained considerable momentum in the last couple of months, as cannabis in the world remains a big talking point for politicians and lawmakers. FBEC Worldwide Inc (OTCMKTS:FBEC), Terra Tech Corp (OTCMKTS:TRTC) and CannaVEST Corp (OTCMKTS:CANV) have been in the spotlight for investors as of late.

FBEC Worldwide Inc (OTCMKTS:FBEC) is an innovative beverage company that specializes in HEMP infused energy shots and additional neutraceuticals. The company will launch its first signature HEMP infused energy shot called the WolfShot on August 1st of this year. On Wednesday the CEO issued a shareholders update discussing the launch of the new product as well as the company’s efforts to update their filings and stay under SEC Reporting guidelines. The company recently up-listed to the OTCQB last week. Next the company is currently in the closing process of a distribution contract with Colorado-based JSB Distribution Company to assist in places its product in more than 1000 targeted stores that range from independent C-stores to smoke shops and gas stations within the next 30 days. FBEC is currently trading between $0.08-$0.10 over the last couple of weeks.

Terra Tech Corp (OTCMKTS:TRTC) announced on Wednesday through its subsidiary Edible Garden, an urban agriculture company, they will expand their line of naturally grown living produce to approximately 182 Stop & Shop grocery stores throughout the Northeast. COO Ken Vande Vrede, stated, “”This is a huge success, we have been working for close to a year to get our products into Stop & Shop,” he then continued with, ”So many retailers are now in support of local farmers, helping create local jobs, and investing in their local communities, which has led to rapid Edible Garden brand expansion. The division is now cash flow positive and we are excited that our fundamentals are beginning to shape up.” TRTC over the last 10 days has seen a price increase of 132.70% from lows of $0.0795 to highs on Wednesday of $0.185.

CannaVEST Corp (OTCMKTS:CANV) a leading manufacturer and distributor of hemp-derived Cannabidiol (CBD) oil products announced on Wednesday morning that the company has finally settled its ongoing litigation with Medical Marijuana Inc (OTCMKTS:MJNA). The company’s Chairman and CEO, Michael Mona, Jr., said, “We are very pleased to achieve a full and final settlement of the litigation between CannaVest and Medical Marijuana, Inc. We believe the terms of the settlement are positive for our stockholders, and having this matter resolved allows us to avoid the cost of litigation going forward and focus on executing our growth strategy.” Over the last week CANV has seen a 100% increase from lows of $0.725 to highs on Wednesday of $1.45.

Biotech

CytoDyn Inc (OTCMKTS:CYDY) Regains Momentum After The Big Announcement

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Now that the market seems to be coming back into his elements, it could be time for investors to start looking into penny stocks more closely. These stocks may often be risky, but if one makes the right choice, then the rewards could be enormous. One penny stock that could be put into the watch list at this point in time is that of CytoDyn Inc (OTCMKTS:CYDY).

The late-stage biotechnology company, which is developing the coronavirus medicine leronlimab, announced last week that it had filed a comprehensive application for uplisting on NASDAQ. The company announced that it believes that its application satisfies the myriad listing requirements of the NASDAQ Capital Market.

The Chief Executive Officer and President of the company Nader Pourhassan stated that while it is true that the entire process is expected to take many weeks, CytoDyn is hopeful of success in this matter.

He went on to state that a listing on NASDAQ will not only provide shareholders with more liquidity but also give CytoDyn much bigger access to fresh capital. It is a significant development for the company, and the market participants realized it as well. After the announcement was made, the stock rallied by as much as 50%. Investors could do well to keep an eye on the stock this week.

While the rally following this announcement was a welcome relief for the company, it is important to point out that earlier on in the week, the stock has fallen considerably following a setback. Last Monday, the company announced that the United States Food and Drug Administration handed CytoDyn a refusal to file a letter with regards to the usage of leronlimab to treat HIV.

However, at the same time, investors should be noted that the company did announce that it is confident of furnishing the agency with all the further details that have been demanded. It is one of the penny stocks that have performed remarkably well this year so far, and investors could keep an eye on it.

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These 3 Pot Stocks Are Up Big Since May: What’s the Buzz?

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Over the course of the past year or so, pot stocks had generally struggled, but during the past month, those stocks have recovered nicely. The stock market suffered a historic fall due to the economic turmoil caused by the coronavirus pandemic. It is believed that investors who are looking for value have descended on the beaten-down pot stocks. On the flip side, these stocks could also have been identified as defensive plays in an uncertain market environment.

That being said, it should be noted that despite the gains recorded by many stocks, most of those stocks are still considerably lower than the all-time highs. In such a situation, it could be worthwhile for investors to take a closer look at some of the strongest and more stable cannabis companies in the industry. Here is a look at three pot stocks that made significant moves in May and could be tracked by investors at this point.

1. HEXO Stock Jumps Ahead of Earnings

HEXO Corp (TSX:HEXO) (NYSE:HEXO) is one of those cannabis companies which have had a particularly tough time over the past year or so. However, the stock has emerged as one of the bigger gainers among pot stocks in recent trading sessions. The Hexo stock has gained as much as 120% over the course of the past month. The company is all set to release its financial results for the fiscal third quarter on Thursday, and hence, it could be a big week for the stock.

The recent surge in the Hexo stock may have come as a major boost to investors, but it should be noted that over the past year, it recorded considerable losses. The beaten-down nature of the stock may have contributed to the stock becoming more attractive for investors. However, the trajectory of the Hexo stock in the near term is going to depend a lot on its third-quarter earnings.

The company had made a loss of $298 million in the previous quarter, and while it is almost certain that it is going to make a loss again, the size of the loss is going to be keenly watched. Additionally, any writedowns are also going to be harmful to the stock. Investors should also keep an eye on sales growth.

2 Organigram gains Momentum on Value Buying

Organigram Holdings (TSX:OGI) (NASDAQ:OGI) is another pot stock that has made significant gains in the past month. Since May 13, the stock has gained as much as 80%. In April, the company announced its fiscal second-quarter results, but it had been a disappointment.

Revenues dropped by 13.7% year on year to hit CA$23.2 million, and losses widened to CA$6.8 million from CA$6.4 million in the prior-year period. However, one significant cause for optimism for Organigram investors is the fact that in the second quarter, cannabis 2.0 products made up as much as 13% of its revenue. That has opened up a whole new opportunity for the company.

Wholesale cannabis revenue made up 24% of the net, and that is again a new source of revenue. The company blamed the lower volumes of flower as well as cannabis oil for the drop in sales. Organigram reported cash and cash equivalents of CA$41.1 million as of February 29. Considering the fact that it has burned CA$25 million in the past six months, investors should not use that the cash balance does not paint a pretty picture.

3 Aphria Recovers Following Solid Earnings

Aphria (TSX:APHA) (NYSE:APHA), on the other hand, managed to perform relatively well in its fiscal third quarter. The net sales rose by as much as 19.7% sequentially to hit CA$144.4 million, and more importantly, the company also managed to record a profit for the third time in four quarters. On top of that, it should be noted that although the Canadian cannabis company spends CA$124.4 million on its operations in the nine months trailing that quarter, it still reported a cash balance of CA$515 million.

The performance seems to have buoyed market participants as well, and the stock has rallied by as much as 75% since the middle of May. One of the most important things that investors are going to be looking into is whether Aphria is going to be able to maintain its profitability.

However, due to the turmoil caused by the coronavirus pandemic, it might prove difficult. That being said, it should be noted that the pandemic is going to have an equally damaging effect across the sector.

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ConforMIS Inc (NASDAQ: CFMS): Premium Members Made A Quick 65% Profit In Just 1 week

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