Legal Cannabis / Medicinal Marijuana - January 6th

BHT performs research on the Legal Cannabis and Medicinal Marijuana industries.  The following are important dynamics to consider in the equity markets.

Horizons Marijuana Life Sciences ETF – HMLSF has gapped up after breaking through resistance around the $12 level.  Over the past few days it has consolidated and it isn’t overbought anymore.  If it heads lower there will probably be support around $12 because there was resistance there in December.  It has appreciated by about +120% since early November.

 

Aphria Inc – APH CN has been consolidating after gapping up.  It isn’t overbought anymore.  There may be support around the $15 level if it heads lower because there was resistance there throughout most of December.  Aphria produces, supplies, and sells medical marijuana.

 

Canopy Growth Corporation – WEED CN has become overbought and is consolidating after running into resistance around the $35 level.  Although the stock has never traded at this level before, it is important psychologically.  The levels around $20 were resistance in November, so there will probably be some support there if it trades lower.  This stock is up over +1000% since the summer of 2016 when it was trading around $2.85.  Canopy Growth, through its subsidiaries, is a producer of medical marijuana.

  

Aurora Cannabis Inc. – ACBFF US has appreciated more than +3,300% since April of 2016.  In the past two weeks it has gone from $6 to $10.  It is currently overbought.  Aurora is a licensed producer of medical marijuana. 

 

GW Pharmaceuticals – GWPH ran into resistance and rolled over around the $135 level.  It is now consolidating.   It also ran into resistance around this level in September and November of 2017, and again in February and March of 2017.  GW Pharmaceuticals researches and develops cannabinoid prescription medicines for the treatment of cancer pain, Multiple Sclerosis, and neuropathic pain.

 

Scotts Miracle Grow – SMG is consolidating after becoming overbought.  If it heads lower there will probably be support around the $100 level because this was the top of the range and resistance throughout October.  It is also important psychologically.  Scotts Miracle Grow markets a full range of products for professional horticulture. 

 

MedReleaf Corp – LEAF CN is consolidating after becoming overbought.  It is trading around $27.  This stock had its IPO on June 7th, when it closed at $7.40.  MedReleaf manufactures and distributes medical cannabis.

 

Cronos Group Inc. – MJN CN is consolidating after gapping up and becoming overbought.  Last summer it was literally trading for pennies.  It closed was $10.54.  Cronos operates as an investment company and it invests in medical marijuana producing companies.

 

CannTrust Holdings Inc. – TRST CN is slightly overbought and is consolidating around the $10 level.  There may be support around the $8 level.  This level was resistance in November and support in December.  CannTrust operates as a pharmaceutical company that develops and produces medical cannabis for the health care sector.

 

Insys Therapeutics, Inc. – INSY found support around the $10 level.  This level is important because it was resistance during August, September, and October and it was support from February through May.  It is also important psychologically.  Insys develops cancer support drugs.

 

CanniMed Therapeutics Inc. – CMED CN is consolidating after becoming overbought.  If it goes lower there will probably be some support around the $21 level.  This level was the top in November and December.  CanniMed is a biopharmaceutical company that focuses on producing pharmaceutical-grade cannabis through research and development, as well as through collaborations with external partners, including academic institutions and healthcare professionals.

 

Kush Bottles Inc. – KSHB is consolidating after running into resistance around the $4.50 level.  It also hit resistance around these levels in October and November of 2016.

 

ETFMG Alternative Harvest ETF – MJX is consolidating around the $36 level.  It is up about +20% since Christmas.

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