Wednesday was a day of highs and lows when it came to cannabis stocks, with leading companies in the sector shaking off the gloom hitting Wall Street’s main markets before being dragged backward.
The North American Marijuana Index, which tracks top cannabis stocks in the US and Canada, fell 0.5% to hit 290.34.
At the top of the list of gainers was GW Pharmaceuticals (NASDAQ:GWPH), a British biopharmaceutical company known for its cannabinoid-based treatments for seizures, which climbed 14.2% to $174.65.
The Cambridge-based company’s stock shot up after JP Morgan analyst Cory Kasimov reaffirmed his Overweight rating on the company and lifted his price target on the stock to $180 from $134 in the wake of the release of its fiscal first-quarter results.
Also trading higher was Canadian cannabis behemoth Tilray (NASDAQ:TLRY), which nudged up 1% to $79.59.
The company has entered into a multi-year agreement whereby Valens GroWorks Corp (CSE:VGW, OTC:VGWCF) will provide it with cannabis and hemp extraction services for at least two years. Financial details of the arrangement aren’t being shared.
Investors in Valens Groworks also applauded the move, sending shares in the Kelowna, British Columbia-based company up 4.3% to $2.52 in New York.
The parent of the licensed Canadian cannabis producer announced that it is converting $98 million worth of debentures into shares. The conversion into roughly 18 million shares is set to take place on or around April 1.
Aphria (NYSE:APHA) was also down, losing 2.5% to hit $10.06.
The Canadian cannabis producer recently announced a pact with Manna Molecular Science to produce and sell medical cannabis transdermal patches.
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