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Buds & Duds: Tilray’s deal with Novartis unit sends shares sky-high while Terra Tech shares take a hit

Tilray signed a supply and distribution agreement for medical marijuana with Sandoz, a division of Swiss pharmaceutical giant Novartis

Marijuana leaf in front of a mountain backdrop
Shares of GrowGeneration and Vivo Cannabis slipped Tuesday

Buds

Cannabis stocks were mostly deep in negative territory Tuesday afternoon, but there were a handful of high rollers.

Tilray Inc (NASDAQ:TLRY) was a top gainer on the North American Marijuana Index with shares up nearly 16% to US$76.20 after inking a supply and distribution agreement for medical marijuana with Sandoz, a division of Swiss pharmaceutical giant Novartis AG.

READ: Green Thumb Industries scores one of only a few New Jersey cannabis licenses

Shares of Wayland Group (OTC: MRRCF) (CSE: WAYL), formerly known as Maricann, jumped more than 10% to US$0.77 after entering into a supply agreement to purchase up to 8,000 kilograms of dried flower cannabis from RavenQuest BioMed Inc (CSE:RQB) (OTCQB:RVVQF).

Duds

Terra Tech Corp (OTCQX:TRTC) shares took a hit, sinking more than 25% to US$0.54. Golden Leaf Holdings Ltd (CSE:GLH) (OTCQB:GLDFF) announced that it was no longer interested in acquiring the cannabis-focused agriculture company.

GrowGeneration Corp (OTCQX:GRWG) was another top decliner with shares falling more than 6% to US$2.50. The Colorado-based company recently opened a 10,000 square feet cultivation equipment warehouse in Maine, marking its 20th location across eight states.

Isodiol International Inc (OTCQB:ISOLF) (CSE:ISOL) shares dipped nearly 9% to US$1.14. The Vancouver-based company develops hemp-based consumer markets for distribution in Canada, Latin America, Asia, and Europe.

Vivo Cannabis Inc (OTCQX:VVCIF) (CVE:VIVO) shares fell more than 6% to US$0.53. The Canadian medical cannabis company appointed Andreas Sander as president of its European operations.

Shares of Origin House (CSE:OH) (OTCQB:ORHOF), formerly known as CannaRoyalty Corp, were down less than 1% to US$4.52. The Ontario-based cannabis company completed its early warrant conversion, generating a total of C$12.5 million.

The North American Marijuana Index fell around 0.9% to $215.71.

 

Contact Lenore Fedow at [email protected]

Follow her on Twitter@LenoreMariee

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