It reached 3.00 because everybody thought that product would be out by the summer. The election ballot questions on mmj also had an effect.
That rise in February was also due to the conference on 3/1. People thought that at the conference institutional investors would buy and this would go up. When the conference failed to impress, everybody decided to sell. We never saw 2.00 again.
As to why it continued to tank, there was a post on this board a while back with this link. I found it very helpful: