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Buds & Duds: Namaste shares tick higher after Israel's Parliament approves medical cannabis exports

Last updated: 18:10 28 Jan 2019 EST, First published: 11:46 28 Jan 2019 EST

cannabis plant

Cannabis stocks in the US and Canada are bucking the hammering on Wall Street and trading higher Monday.

The North American Marijuana Index, which tracks top cannabis stocks, added 4.3% to hit 283.26. 

In the latest sector news, the Israeli government has approved the export of Israeli-grown medical cannabis to countries where it is legal. The green light given by Israel’s cabinet is set to boost the country’s agricultural sector.

Buds:

The move by Israel’s parliament represents a key win for Namaste Technologies (CVE:N), which owns 10% of Israeli cannabis company Cannbit Ltd. Looking ahead, Namaste will look to rely on Cannbit for the importation of medical cannabis from Israel to Canada and elsewhere. Cannbit’s cannabis will also be added to its medical cannabis subsidiary Cannmart’s product line later this year.

Namaste’s stock added 1% to hit C$1.50.

READ: Namaste to see more exports from Cannbit as Israel approves export of medical cannabis

Also gaining is InterCure (TLV:INCR), the medical cannabis company chaired by former Israeli prime minister Ehud Barak. The Israeli cannabis cultivation company saw its shares climb 20.1% to 945 in Tel Aviv.

One more on the list of cannabis stocks shooting higher is OrganiGram Holdings Inc (CVE:OGI), which is up 19.2% at C$7.09. The jump is due to the parent company of the cannabis producer, which is based in Moncton, New Brunswick, posting net sales of C$12.4 million in its fiscal first quarter, up from C$2.4 million in the year-ago quarter. The Canadian company also swung to a profit of C$29.5 million after making a loss of $1.2 million in the year-ago period.

Elsewhere, the Green Organic Dutchman Holdings (TSE:TGOD) perked up by 8.6% to hit C$4.04. The Toronto-based cannabis company is widening its reach in Europe by forging a pact with Danish cannabis company Knud Jepsen to set up a pair of 50/50 joint ventures. A production joint venture (JV) has been arranged to produce commercial cannabis and cannabis oils while a genetics JV will oversee the development and patenting of cannabis genetics.

Duds:

Green Growth Brands (CSE:GGB) continues to have a rough round of trading, shedding 5.3% to C$5.36. Just last week, the Ohio-based company made its second offer to acquire its Canadian rival Aphria. Under the deal’s terms, Green Growth has offered Aphria stakeholders 1.5714 shares of Green Growth stock for each Aphria share. Last December, Green Growth first put together an unsolicited offer to take over Aphria, which rebuffed the move on the grounds that it “significantly” undervalued the company.

GW Pharmaceuticals (NASDAQ:GWPH) also lagged, down 0.5% at US$138.07 on no reported news.

 

Contact Ellen Kelleher at ellen@proactiveinvestors.com

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