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Buds & Duds: Aphria and Cronos riding high while Canopy Growth and Tilray shares slip

Aphria shares are back on the rise after taking a hit from a short-seller report

Hand holding a cannabis leaf
Shares of Tilray and The Supreme Cannabis Company dipped this afternoon

Buds

It was a rocky start to the week for cannabis companies, but there were a few budding stocks this afternoon.

Aphria Inc (TSX:APHA) (NYSE:APHA) was one of the best-performing cannabis stocks, up about 5% to $5.48 in Monday afternoon trading.

READ: High Times cuts $28.6M of debt with equity conversion

The Canadian cannabis company shares have rallied following a second report from short-seller Hindenburg Research, which has accused the company of being a “shell game with a cannabis business on the side.”

Shares of Toronto-based Cronos Group Inc (NASDAQ:CRONwere up about 1% to US$12.86, still riding the high of its deal with tobacco giant Altria Group Inc (NYSE:MO).

MPX Bioceutical Corp (CSE:MPX) (OTCQB:MPXEF) was another top gainer as its shares climbed about 4% to US$0.68.

The Toronto-based company announced it was awarded four conditional retail dispensary licenses in Nevada.

Innovative Industrial Properties Inc (NYSE:IIPR) shares were up more than 0.7% to US$50.31.

The company leases specialized industrial properties to state-licensed operators for their regulated medical cannabis facilities.

Duds

Most of the North American cannabis stocks were in the red this afternoon.

The North American Marijuana Index, which tracks the leading cannabis stocks in the US and Canada, slipped nearly 1.4%.

CannTrust Holdings Inc (OTCMKTS:CNTTF) (TSX:TRST) was one of the worst-performing cannabis stocks with shares falling nearly 5% to US$5.55.

Shares of The Supreme Cannabis Company (TSXV:FIRE(OTCQX:SPRWF) were down 4.5% to US$1.06.

The Toronto-based company recently teamed up with rapper Wiz Khalifa’s Khalifa Kush Enterprises to launch a line of premium cannabis products.

Canopy Growth Corporation (TSE:WEED) (NYSE:CGC) shares slipped about 0.7% to US$31.17.

Tilray Inc (NASDAQ:TLRY) shares were down around 3% to US$97.35.

The company doubled the amount of cannabis sold in its third quarter but reported a decline in average selling prices.

Aurora Cannabis Inc (NYSE:ACB) shares dipped almost 0.8% to US$5.70.  

The company recently received the final regulatory approval for its acquisition of ICC Labs Inc (CVE:ICC).

 

Contact Lenore Fedow at [email protected]

Follow her on Twitter@LenoreMariee

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