Marijuana Stocks | DOJ Thumbs Up Sends HEMP Into A Frenzy

Holy Smokes! Due to a letter issued this afternoon regarding Marijuana Enforcement by James M. Cole, the U.S. Deputy Attorney General, it took less time for almost every one of the cannabis focused penny stocks to ignite than it would take to puff-puff-pass. Marijuana stocks like Hemp Inc. (HEMP) and Medical Marijuana, Inc. (MJNA) led the charge while others like GreenGro Technologies, Inc. (GRNH) and Cannabis Science, Inc. (CBIS) also jumped on the announcement. With little resistance standing in the way of marijuana really becoming legal, traders will want to plot out their targets and take advantage of the situation.

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Top 10 Marijuana Stocks To Watch

Symbol Price % Change $ Volume Share Volume % From 50-Day MA
MJNA 0.195 +49.92% 7,846,980 49,609,924 +44.67%
HEMP 0.0265 +97.76% 798,482 39,130,604 +61.45%
CBIS 0.047 +14.63% 436,854 10,138,836 +8.46%
MWIP 0.0477 +18.07% 177,761 4,087,888 +18.76%
PHOT 0.0401 +11.70% 695,044 18,395,146 +10.20%
GRNH 0.057 +42.50% 68,633 1,436,628 +44.19%
ERBB 0.0017 +15.79% 236,113 122,118,715 -26.67%
TRTC 0.122 -18.67% 312,384 2,529,089 +46.89%
FSPM 0.435 +24.29% 1,745 4,165 +55.20%
MDBX 32.50 +18.18% 907,938 28,856 +18.84%

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We’re now nearly 10 months into the official marijuana stock frenzy since Colorado and Washington State elected to legalize cannabis. Now that Attorney General, Eric Holder, has given the green light for the governors of those 2 states to “create a regime that would regulate and implement the ballot initiatives that legalized the use of marijuana for adults”, the ignition switch has been flicked for the entire sector heading into Friday’s trading session.

Within the memo released by the Huffington Post shortly after 1PM today, highlights of how the U.S. will handle medical marijuana legalization includes 8 priorities for federal prosecutors enforcing marijuana laws. According to the guidance, DOJ will still prosecute individuals or entities to prevent:

• the distribution of marijuana to minors;
• revenue from the sale of marijuana from going to criminal enterprises, gangs and cartels;
• the diversion of marijuana from states where it is legal under state law in some form to other states;
• state-authorized marijuana activity from being used as a cover or pretext for the trafficking of other illegal drugs or other illegal activity;
• violence and the use of firearms in the cultivation and distribution of marijuana
• drugged driving and the exacerbation of other adverse public health consequences associated with marijuana use;
• growing of marijuana on public lands and the attendant public safety and environmental dangers posed by marijuana production on public lands;
• preventing marijuana possession or use on federal property.

Stating the obvious, this memo is a huge momentum changer for what appeared to be a struggle to reignite marijuana stocks.

Just last week, the Financial Industry Regulatory Authority, aka FINRA, released a public warning about investment scams evolved around the legalization of marijuana. Calling them “pump and dump ploys” within the memo, you can try to tell that to traders who own MJNA stock since we first alerted on it at under .05.

The 3½ page DOJ memo might not be enough to get MJNA back to .50, but you can bet your rolling papers that tomorrow is sure to see some big gap opens after the news goes viral tonight.

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About HEMP Stock

Hemp, Inc., through their website,, is a development stage company in the business of research and development of all things made of industrial hemp.

Shares Outstanding: 227,914,800
Authorized Shares: 500,000,000

Click here to view the financial filings for HEMP on OTCMarkets.
Click here to view the website for Hemp Inc.

Last 5 Trading Sessions:

Date Last Change Volume
08/29/13 0.0265 +0.0131 +97.76% 39,140,604
08/28/13 0.0134 +0.0002 +1.52% 1,828,200
08/27/13 0.0132 unch unch 1,838,100
08/26/13 0.0132 -0.0003 -2.22% 2,783,900
08/23/13 0.0135 -0.0008 -5.59% 5,195,600


Bottom Line:

The bomb dropping by the DOJ has set marijuana penny stocks aflame and some big gap opens are likely to come tomorrow for the more popular ones. MJNA is the big daddy of them all, but savvy traders may want to look at the lower priced and thinner share structured ones like HEMP and FSPM. Whichever choices are made, be aware that no buzz lasts long enough heading into a holiday weekend so be sure to plan accordingly and book profits all the way up.

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