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CannabisFN Weekly: Most Americans Believe Legalization Is Inevitable

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Cannabis stocks ended last week on a mixed note as Canada’s MMPR officially went into effect. CannaVEST Corp. (OTCBB: CANV) experienced a particularly volatile week, falling nearly 60% lower before rebounding nearly 20% on Friday. The $350 million company is the largest component of the Marijuana Index™ with a 16.81% weight.

 

Public support for cannabis continues to rise. Last week, a Pew Research Center survey found that three in four Americans believe the sale of marijuana will eventually become legal across the nation regardless of their personal beliefs about the drug. Doctors also appear to be getting on board with the healing properties of cannabis: WebMD conducted a survey last week showing nearly 70% of doctors believing medical marijuana can help with certain treatments and conditions.

 

The big story in cannabis stocks last week was Tweed’s (TSXV: TWD) debut as the first publicly-traded Licensed Producer under Canada’s MMPR. After it began trading on the TSX Venture Exchange, the stock settled at $2.60 per share with over 9.6 million shares traded. The stock price values the company at just over $90 million, with many investors eager to see just how lucrative the cannabis business becomes in Canada.

 

What's New?

 

●        Tweed Begins Trading as First Publicly Traded LP – Tweed Marijuana Inc. (TSXV: TWD) began trading on Canada’s TSX Venture Exchange as the first publicly traded Licensed Producer under Canada’s new MMPR.

●        Three in Four Say Legalized Cannabis is Inevitable – Pew Research Center found that 75% of Americans believe the sale of marijuana will eventually become legal across the nation regardless of their personal beliefs.

●        Endexx Establishes New Division to Focus on Consumables – Endexx Corporation (OTCBB: EDXC) setup a new division within its company to develop CBD-infused consumables and capitalize on rapidly growing demand.

●        WebMD Survey Finds Solid Support for Cannabis – The majority of doctors believe that medical marijuana should be legalized and offers real benefits to patients, according to a recent survey by WebMD and Medscape.

●        Hop-on Sets Up Medical Marijuana Subsidiary in Washington – Hop-on’s Re-Medical Inc. subsidiary setup operations and is filing licensing paperwork in Washington State to effectuate delivery of cannabis transdermal patches.
 

What to Watch This Week

 

The cannabis sector was mixed last week, but public support remains strong. With Canada’s MMPR in place and U.S. legislation moving forward, there are many catalysts that could move the sector both in the near-term and long-term. Investors will be keeping an especially close eye on medical marijuana sales in Canada under the MMPR with the first publicly traded company already active in the market.

 

About CannabisFN

 

CannabisFN.com is a dedicated financial network covering new, emerging and established companies operating in the burgeoning multi-billion dollar medical marijuana (“MMJ”) and cannabis industries. CannabisFN’s original coverage is syndicated on the leading industry specific and mainstream financial websites and social media. To learn more and request a media kit, visit http://www.cannabisfn.com/market-defining-companies-program/.

To subscribe to the CannabisFN newsletter or read additional coverage on cannabis laws and investments, visit http://www.cannabisfn.com.

CannabisFN.com, owned by TDM Financial, is a leading provider of cannabis news and insights. CannabisFN.com may be compensated for its services in the form of cash-based compensation or equity securities in the companies it writes about, or a combination of the two. For a full disclaimer, click here SECFilings.com/disclaimer.aspx

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Topics Economics General

 

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