As last week's end drew close it seemed that Cannabis Science Inc. (OTCMKTS:CBIS, CBIS message board) would continue its steady descent. The company's downward momentum lasted for a few sessions after Jan. 10, but CBIS managed to shoot up in the Friday session and again yesterday.
A significant rise, to be sure, although not an altogether unexpected one. It was immediately obvious to investors and analysts alike how President Obama's statement that “Marijuana is no more dangerous than alcohol” would pull all marijuana related tickers up. The fact that companies throughout the marijuana branch didn't jump as high as expected was the only surprise – CBIS advanced just 12.38% on the charts.
The ticker opened the first session for this week at $0.122 but quickly dropped over the period of half an hour or so, then steadily rose to about $0.11 and more or less retained its high until closing time. The end of the session found CBIS at $0.1135.
Most companies in the branch registered similar chart patterns. Tranzbyte Corp. (OTCMKTS:ERBB), Terra Tech Corp. (OTCBB:TRTC) and GreenGro Technologies, Inc.(OTCMKTS:GRNH) are all up by 8.57%, 13.68% and 10.81%, respectively.
These numbers can mostly be attributed to the timing of the president's interview with The New Yorker magazine. It was published Sunday, right before Martin Luther King day, which means that by the time investors actually got a chance to interact with the market, heads had cooled off, some due diligence had been done and the overwhelming enthusiasm such a statement would bring was somewhat quelled.
Perhaps some traders were unimpressed by the whole turn of events.