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Buds & Duds: Cannabis stocks pop as Aurora Cannabis pushes into Portugal

Aurora has agreed to acquire a 51% stake in Portugal's Gaia Pharma Lda, which will be renamed Aurora Portugal

clenched hand with Portuguese flag painted on it
New regulations permit the distribution of medical cannabis to Portuguese patients

It was another fairly strong session for cannabis stocks Tuesday, with a number of the major players in the US and Canada posting gains.

After getting off to a sluggish start at the open, The North American Marijuana Index reversed course and added 1.1% to hit 289.69.

Buds

There were plenty of buds, with Aurora Cannabis Inc (NYSE:ACB) (TSE:ACB) among the Canadian cannabis companies surging ahead and adding 4.3% to hit C$9.98 in Canadian trade. Its shares were also up 3.3% in New York at US$7.53.

Looking to move into Portugal and produce medical cannabis there, Aurora has agreed to acquire a 51% stake in Gaia Pharma Lda. The company will be renamed Aurora Portugal Lda.

New Portuguese regulations introduced in January permit the distribution of medical cannabis to Portuguese patients as well as its exporting to other European countries where medical cannabis is legal.

Another Canadian standout was Aphria (NYSE:APHA), which added 3.2% to hover at $9.98 in New York.

The Ontario company has struck a five-year licensing agreement with Manna Molecular Science LLC to produce and sell transdermal patches containing cannabis oils. The patches are latex and allergen-free and deliver doses via the skin over a period of 12 hours.

Also on the rise was OrganiGram Holdings (CVE:OGI) (OTCQX:OGRMF), which jumped 4.2% to hit US$6.20.

The parent of the cannabis producer, which is based in Moncton, New Brunswick, has reached a distribution agreement in Quebec, with the signing of a letter of intent with the Société québécoise du cannabis. Organigram now has distribution in place for all 10 Canadian provinces.

Duds

Canopy Rivers (OTCMKTS:CNPOF) was one of a small handful of stocks trading lower, shedding 2% to $3.46.

Investors might be jittery about the fortunes of the investing arm spin-off of Canopy Growth (NYSE:CGC) as it’s set to post its third-quarter fiscal results after the market closes tomorrow.

Also slipping on no reported news were Innovative Industrial Properties (NYSE:IIPR), the cannabis-focused real estate investment firm, which shed 1.3% to US$77.14, and Harvest Health & Recreation Inc (CSE:HARV), which was down 2.19% at C$10.25.

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