Feb. 3, 2014, 9:01 a.m. EST
CannabisFN Weekly: Industry Support Reaches Highs as Ballot Initiatives Progress
Feb 03, 2014 (ACCESSWIRE via COMTEX) -- Cannabis stocks moved lower this week along with the rest of the market, but regulatory news continues to be very positive. Attorney General Eric Holder indicated that the Obama Administration was planning to roll out new regulations that would provide legal cannabis businesses with access to the banking sector. National support for cannabis legalization also continues to rise judging by new polls which is helping ballot initiatives in many states, like Florida, that will vote on the measures in November.
What's New?
Coming Soon: Cannabis Banking Regulations - U.S. Attorney General Eric Holder indicated that the Obama Administration was working on new regulations that would enable legal cannabis businesses to access the banking sector. Easier access to financing could unlock significant value throughout the sector by providing growth capital and potentially loans for increased M&A.
Support for Legalized Cannabis is Soaring - A new survey from the Wall Street Journal and NBC News found that 55% of U.S. citizens support regulated marijuana businesses with only 20% actively opposing such measures. The growing support for marijuana has boosted many ballot measures, including the efforts in Florida that will be put to a vote this November.
GrowLife & CEN Biotech Develop Largest Grow Facility - GrowLife PHOT +11.36% and CEN Biotech FITX -9.05% will collaborate to develop the world's largest cannabis grow facility in Canada, pending approval from Health Canada. The facility's production capacity could reach 1.3 million pounds of dried medical marijuana annually, which would be slated for domestic use and export.
HEMP Partners with VaporBrands to Target Cannabis Market - VaporBrands VAPR +36.92% partnered with HEMP HEMP +17.93% to develop a line of vaporizers to be sold through existing medical marijuana dispensary networks. Vaporizers have become increasingly popular, both in the marijuana and tobacco markets, given that they avoid generating harmful smoke.
Terra Tech Looks to Open Cannabis Business in Nevada - Terra Tech TRTC -5.25% is looking to obtain permits to operate cannabis businesses within the state of Nevada through its subsidiary GrowOp Technology. The efforts are being led by a former principal lobbyist for the ACLU at the Nevada State Legislature, Rebecca Gasca.
What to Watch This Week
The cannabis sector saw some profit-taking this week along with the rest of the market, as evidenced by the in the Marijuana Index™, but growing support from the public, successful ballot initiatives, and upcoming banking regulations provide long-term catalysts that should drive the sector higher. Next week, traders should watch for a recovery with many stocks in the sector looking somewhat oversold.
About CannabisFN
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Originally written for CannabisFN, a dedicated financial network covering new, emerging and established companies operating in the burgeoning multi-billion dollar medical marijuana ("MMJ") and cannabis industries. CannabisFN may be compensated for its services in the form of cashed-based compensation or equity securities in the companies they write about, or a combination of the two. Except for the historical information presented herein, matters discussed in this release contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Emerging Growth LLC is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. For full disclosure please visit: http://secfilings.com/Disclaimer.aspx .
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