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Buds & Duds: Crop Infrastructure rises on Nevada project updates; Surna trips on 4Q slip

Also leading the cannabis sector were True Leaf and Next Green Wave

Cannabis field
The ground development for 50,000 square feet of greenhouses is underway

The cannabis sector had a rough day Wednesday as US markets struggle overall. 

The North American Marijuana Index, which tracks top cannabis stocks, fell 0.8% to 300.73. 

Buds

Crop Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) announced updates Wednesday to its projects in Nevada. The first set of building blocks were delivered and trenching is underway for construction of a 40-acre perimeter wall in Esmeralda County for the 2019 cannabis growing season. The ground development for 50,000 square feet of propagation greenhouses in Nye County is also underway and is expected to completed in the next to weeks.

The Vancouver-based company's shares rose 1.6% to C$0.32 on the CSE and slipped 0.3% to US$0.24 on OTC markets.

True Leaf Medicine International Ltd (CSE:MJ) (OTCMKTS:TRLFF) expanded its retail distribution to 3,500 stores worldwide with addition of Pet Planet as a North American retail partner, the company announced Wednesday. The cannabis-for-pets company will have chews and supplement oils for dogs in Pet Planet’s 75 stores beginning in April.

Investors sent the stock up 7.4% to C$0.58 on the CSE and 8% to US$0.43 on OTC markets.

READ: Next Green Wave rises as testing of cannabis facility in California enters final stages

Next Green Wave (CSE:NGW) (OTCMKTS:NXGWF) said Wednesday that it was in the final stages of testing at its 35,000-square-foot facility in Coalinga, California. Testing of the electrical installation, which the Vancouver-based company expects to be carried out within a week, is the final step before production at the facility can begin.

The share price advanced 5% to C$0.62 on the CSE and 3% to US$0.47 on OTC markets.

Duds

Surna Inc (OTCQB:SRNA) posted fourth-quarter results late Tuesday. The Boulder, Colorado-based company brought in $2.2 million in revenue, down 5% from the previous year. The air sanitation systems manufacturer narrowed its losses slightly, but had significantly less cash on hand, down to $253,000 from $1.4 million at the end of September. CEO Tony McDonald said the company is refocusing with a “top-to-bottom reset.”

The stock slipped 9.2% to US$0.06.

 

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Quick facts: Crop Infrastructure Corp.

Price: $0.11

Market: CSE
Market Cap: $18.2 m
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