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Buds & Duds: Cannabis stocks riding high ahead of the US midterm election

Voters in Michigan, North Dakota, Missouri and Utah will vote on marijuana proposals Tuesday
Cannabis in glass jars
Cronos and Canopy Growth were two of the top-performing cannabis stocks

Buds

Cannabis stocks were on the rise Tuesday with several big names riding high as US voters in four states head to the polls to vote on marijuana proposals.

Cronos Group Inc (NASDAQ:CRON) was one of the best-performing cannabis stocks, jumping nearly 10% to US$9.05 by Tuesday’s closing bell.

Auxly Cannabis Group Inc (OTCQX:CBWTF) shares were up more than 4% to US$0.83.

The company recently closed its acquisition of Inverell S.A., a federally-licensed cannabis operator based in Uruguay.

READ: Marijuana and the Midterms: Legal cannabis could be headed to these four states

Canopy Growth Corporation (TSE:WEED, NYSE:CGC) shares were up more than 6% to US$42.59.

The cannabis producer recently closed its US$4 billion investment from Constellation Brands Inc (NYSE:STZ), the maker of Corona beer.

OrganiGram Holdings Inc (CVE:OGI, OTCQX:OGRMF) shares were up more than 5% this afternoon, closing up about 2% to US$4.93.

The New Brunswick-based cannabis supplier also operates healing centers for those living with post-traumatic stress disorders, chronic pain, and other forms of trauma.

Newstrike Brands Ltd (OTCMKTS:NWKRF) shares climbed nearly 4% higher to US$0.54.

Its subsidiary Up Cannabis Inc was named an official supplier to the Ontario Cannabis Store.

Duds

It was a good day for cannabis stocks, but not every company fared well.

ICC International Cannabis Corp (CSE:WRLD, OTCQX:KNHBF) shares sank nearly  9% to US $0.47 by the end of the trading day.

The Vancouver-based company recently announced a strategic partnership with GreenTree International Inc, the parent company of Amercanex which operates the ACExchange, to create an electronic cannabis market platform.

MariMed Inc (OTCQB:MRMD) shares took a hit, slipping nearly 4% to US$4.67.

READ: Weekend Unlimited upbeat on tenant Orchard Heights' proof-of-concept cannabis harvest

The Massachusetts-based company operates cannabis facilities Delaware, Illinois, Nevada, and Maryland.

MPX Bioceutical Corporation (CSE: MPX; OTCQX: MPXEF) shares were down more than 2% to $0.81.

The Toronto-based cannabis company has been expanding its reach into the Maryland market via dispensary acquisitions.

Shares of CV Sciences Inc (OTCQX:CVSI) fell about 4% to US$6.15.

The life science company develops plant-based CBD products under its PlusCBD Oil brand.

The North American Marijuana Index, which tracks the leading cannabis stocks in the US and Canada, was up more than 1% by the end of the day.

--Updated to reflect recent share price

 

Contact Lenore Fedow at [email protected]

Follow her on Twitter@LenoreMariee

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