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Buds & Duds: The Green Organic Dutchman shares jump as it launches Growers’ Circle; Cronos shares up ahead of earnings

Also on the move were ICC International Cannabis Corp, Canopy Growth Corporation and Eve & Co Inc

cannabis plant
Cannabis stocks see-sawed Monday, ahead of earnings results from Cronos and cancellation of a vote on a bill legalizing marijuana in New Jersey

Cannabis stocks dipped on Monday ahead much-anticipated earnings results from Cronos Group and the cancellation of a vote on a bill legalizing marijuana in New Jersey. 

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was down 0.34% to US$298.62 on Monday afternoon. 

The Horizons Marijuana Life Sciences Index ETF was down 0.53% at C$22.48.

Buds

Cronos Group Inc (NASDAQ:CRON) (TSE:CRON) stock jumped on Monday, ahead of its earnings results, set to be released on Tuesday. 

Shares were up 5.9% at C$27.33 in Toronto and up 5.9% at US$20.37 in New York. 

Eyes are on the company's revenue growth, which analysts are estimating to come in around US$6.5 million. If the company manages to hit this target, it would represent a 300% jump year over year. 

READ: The Green Organic Dutchman achieves major milestone as it begins cannabis sales to medical patients

Also on the move Monday was The Green Organic Dutchman Holdings Ltd (TSE:TGOD) (OTCMKTS:TGODF), which saw shares rise as the company announced it has begun selling cannabis to a national network of medical patients. 

The company launched a limited rollout of the company’s certified-organic cannabis to a select group of patients across Canada known as The Growers’ Circle, allowing the company to perfect its distribution ahead of a planned production ramp-up later this year.

Shares were up 2.1% at C$4.87 in Toronto and up 1.7% at US$3.63 in New York. 

READ: ICC International Cannabis to market CBD products in Spain under singer Thalia Sodi's name

ICC International Cannabis Corp (CSE:WRLD.U) (OTCMKTS:WLDCF) shares were up on Monday after the company announced it is set to market and distribute its cannabidiol (CBD) health and wellness products across Spain under the name of Mexican singer Thalia Sodi after extending its new licensing agreement with Authentic Brands Group (ABG).

The company also recently announced it had been added to the Horizons Medical Marijuana Life Sciences ETF, a significant milestone for the company. 

Shares were up 4.8% at C$0.33 in Toronto and up 2.8% at US$0.33 in New York.

READ: Canopy Growth stock jumps on new cultivation license, expanded partnership

Duds

Shares of Canopy Growth Corporation (TSX:WEED) (NYSE:CGC) flip-flopped on Monday, but dropped in the afternoon. 

The company released news Monday of a new cultivation licence for its facility in Fredericton, New Brunswick.

Shares were down 1.2% at US$43.84 in New York and up 1.2% at C$58.82 in Toronto mid-day Monday.

Shares of Eve & Co Inc (OTCMKTS:EEVVF) sank on Monday, down 7.2% at $0.40 in New York. 

Last week, the female-focused cannabis firm announced that Royal Bank of Canada (RBC), Canada’s largest bank, was lending the London-Ontario-based producer $18.7 million to fund its expansion plan.

The company said it plans to expand its greenhouse to 93,000 sq/metres, which would put it into the list of Canada's 10 largest cannabis-growing operations. 

 

Contact Katie Lewis at katie@proactiveinvestors.com

Quick facts: Green Organic Dutchman Holdings Ltd.

Price: 0.22 CAD

TSX:TGOD
Market: TSX
Market Cap: $96.36 m
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The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was 1.4% higher at 116.7 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF jumped 2.4% at C$9.55, while the OTCQX Cannabis index gained 0.6% to 434 points. Buds today are The Green...

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