logo-loader

Buds & Duds: Cannabis stocks were fired up after midterms, but end the week on a low note

Last updated: 14:25 09 Nov 2018 EST, First published: 14:08 09 Nov 2018 EST

Marijuana leaf on US currency

Buds

Cannabis stocks were on the rise earlier in the week after the US midterm elections brought legalization, both recreational and medicinal, to three more states.

However, by the end of the week there were barely any “buds” to mention.

Cannex Capital Holdings Inc (OTCQX:CNXXF) was the sole gainer on the North American Marijuana Index as shares jumped about 4.5% to US$0.63.

The Vancouver-based company leases real estate properties and sells supplies to cannabis cultivators, processors, and dispensaries in the US and Canada.

READ: Pressure BioSciences' Ultra Shear Technology system may solve the cannabinoid delivery issue

Duds

It was a rough end to the week for cannabis stocks.

The North American Marijuana Index, which tracks the leading cannabis stocks in the US and Canada, slipped nearly 5% by Friday afternoon.

Auxly Cannabis Group Inc (OTCQX:CBWTF) shares took quite a hit, falling more than 11% to US$0.77.The Vancouver-based company recently closed its acquisition of Inverell SA, a federally licensed cannabis operator based in Uruguay.

MedMen Enterprises Inc (CSE:MMEN,OTCQX:MMNFF) has been gaining ground in the cannabis space via a slew of recent acquisitions, but it wasn’t immune to the market flow. Shares sank more than 10% to US$4.97 in afternoon trading.

READ: Shorts to hike positions in cannabis majors Canopy Growth, Aurora Cannabis, Cronos Group and Tilray, says S3 Partners

Aurora Cannabis Inc (NYSE:ACB) shares dipped 4.5% to US$7.22.

Tilray Inc (NASDAQ:TLRY) ) was one of the best-performing cannabis stocks earlier this week, but shares lost about 4% to US$114.27.

Shares of Toronto-based Cronos Group Inc (NASDAQ:CRON) fell about 2% to US$8.74.

Canopy Growth Corporation (TSE:WEED, NYSE:CGC) recently closed its US$4 billion investment from Constellation Brands Inc (NYSE:STZ), the maker of Corona beer. Nevertheless, Canopy Growth shares retreated more than 7% to US$39.35.

Shares of CV Sciences Inc (OTCQX:CVSI) shares were down less than 1% to US$5.09. The life science company recently expanded its CBD product sales sequentially by 10% to US$13.6 million in the third quarter from US$12.3 million in sales in the second quarter.

 

Contact Lenore Fedow at lenore@proactiveinvestors.com

Follow her on Twitter@LenoreMariee

Novo Resources sees substantial upside potential at Nunyerry

Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO) co-chair and acting CEO Mike Spreadborough joins Jonathan Jackson in the Proactive studio to discuss promising gold outcomes from recent reanalysis of drill intercepts in a 2023 program at Nunyerry North in Western Australia. Using advanced...

7 hours, 25 minutes ago