Cannabis stocks had an upbeat Wednesday, with shares broadly up across US and Canadian markets.
The North American Marijuana Index, which tracks the leading cannabis stocks in the US and Canada, was up 3.43% to 240.89.
Shares of Namaste Technologies (CVE:N) (OTCMKTS:NXTTF) continued to rise on Wednesday, following a week of exponential gains. The stock was up 12% on Wednesday at C$1.65.
The start of 2019 has been a blockbuster for Namaste, the operator of e-commerce site CannMart, which saw its stock fall in December but has been climbing dramatically since the calendar turned over.
Canopy Growth Corporation (TSE:WEED) (NYSE:CGC) shares shot up as much as 13% Wednesday at US$33.60 after investment firm Piper Jaffray initiated coverage on the Canadian cannabis company, with an overweight position and a US$40 price target.
Shares of Aphria Inc (NYSE:APHA) rose Wednesday after completing the acquisition of German medical cannabis distributor, CC Pharma GmbH. Shares were up 6% at C$6.71.
Shares of Newstrike Brands Ltd (CVE:HIP) were up 22% at C$0.52. The company announced that its wholly-owned subsidiary, Up Cannabis Inc has been accepted by Manitoba’s Liquor and Lotteries Corporation to be an official supplier of non-medical adult-use cannabis to licensed private sector retailers.
There were a number of stocks that lagged Wednesday.
Cannabis packaging company KushCo Holdings Inc (OTCQB:KSHB) shares dropped, down 2.5% at US$6.18 on Wednesday after it reported earnings late Tuesday. The company reported that while its revenue almost tripled, it saw its bottom line turn negative.
The company reported a net loss of US$8.2 million as compared to net income of US$100,000 a year earlier.
Other detractors on Wednesday included CBD manufacture Isodiol International Inc (CSE: ISOL) (OTCQB:ISOLF) which continued to slide, down 1.2% to US$1.62. The stock has been struggling in recent days, however, the company has not released any updates.
Other laggards included GrowGeneration Corp (OTCQB:GWRG), which operates specialty retail hydroponic and organic gardening stores. Share were down 3.2% at US$2.80.
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