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Buds & Duds: The Green Organic Dutchman rallies after receiving Ontario court approval for spinoff

Aurora Cannabis advanced after announcing that it has closed its offering of 5.5% convertible senior notes for gross proceeds of US$345 million

Marijuana plant
The Green Organic Dutchman’s proposed spinoff focuses on cannabis investments in Canada and internationally

Cannabis stocks in the US and Canada generally posted positive results across the board on Thursday.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, climbed 1.6% to 264.12.

Buds:

The Green Organic Dutchman Holdings Ltd (TSE:TGOD) (OTCMKTS:TGODF) surged 14.4% to US$2.62 on the OTC Markets after announcing that the Ontario Superior Court of Justice has approved its spinoff of TGOD Acquisition Corp.

The proposed spinoff focuses on investments in the cannabis industry in Canada and internationally. The Green Organic Dutchman plans to distribute to its shareholders unit purchase warrants of TGOD Acquisition.

The Green Organic Dutchman also climbed 14% to C$3.49 in Canadian trading.

READ: The Green Organic Dutchman Holdings receives court approval for spin-off plan

Aurora Cannabis Inc (NYSE:ACB) (TSX:ACB) advanced 6.9% to US$6.62 in New York trading after announcing that it has closed its offering of 5.5% convertible senior notes due in 2024 for gross proceeds of US$345 million.

The Edmonton, Alberta, cannabis company said it expected to use net proceeds to support acquisitions and for general corporate purposes, including working capital requirements.

The convertible notes offer the company the flexibility to settle the entire principal amount of the notes in the future for cash, shares or a combination of both, said CEO Terry Booth in a statement.

The gross amount includes US$45 million for the exercise of the initial purchasers' overallotment option.

The stock rose 7.0% to C$8.84 in Canadian trading.

Crop Infrastructure Corp (CSE:CROP) rose 1.7% to C$0.30 in Canadian trading a day after announcing that it had completed a 1,600 square foot genetics, tissue culturing and micropropagation lab at its Nevada tetrahydrocannabinol (THC) farm.

On Thursday, the Vancouver-based company said it will make 100,000 premium Moon Rock Cones at a California subsidiary as it expands in the Golden State.

The shares were up 1.7% to US$0.23 on the OTC Markets.

Duds:

Hexo Corp (NYSE American:HEXO) (TSX:HEXO) slipped 2.1% to US$5.15 a day after beginning trading on the NYSE American exchange.

The Gastineau, Quebec-based cannabis company said in a statement last week that it was ending its listing on the OTCPK (Pink) under the symbol HYYDF.

The shares were down 3.3% to C$6.69 in Canadian trading.

 

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