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Buds & Duds: Cronos shares tumble, Newstrike Brands soars on results

Also on the move were Curaleaf Holdings, Newstrike Brands and Isodiol International
cannabis flower
Cronos shares sank on its 4Q earnings report, which reported a swing to a loss

Cannabis stocks had a promising start to Tuesday, with broad gains across North American markets. 

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was up 1.47% to 305.16 by Tuesday's close. The Horizons Marijuana Life Sciences Index ETF edged up 0.1% at C$22.80.

Duds

The mixed fourth-quarter results of Cronos Group Inc (NASDAQ:CRON) (TSE:CRON) led cannabis news, with shares of the company down 1.4% at US$20.24 in New York and down 1.1% at C$27.06 in Toronto. 

The Canadian cannabis producer reported 4Q revenue of US$5.6 million, significantly higher than the US$1.6 million a year earlier. But the company still had a net loss of US$11.6 million, or US$0.06 per share, a swing from a profit of a penny per share in the year-ago quarter.

READ: Cronos Group reports higher revenue but widening loss in mixed 4Q earnings results

Curaleaf Holdings Inc (CSE:CURA) (OTCMKTS:CURLF) shares lagged Tuesday, down 3.7% at US$8.90 in New York and down 3.6% at $11.90 in Toronto. 

The Vancouver-based company reported a distribution agreement with US drugstore operator CVS Health Corp (NYSE:CVS) last week, with management’s “hope to cement” further deals later in the year.

Buds

Shares of Newstrike Brands Ltd (CVE:HIP) (OTCMKTS:NWKRF) popped after it released its fourth-quarter financial results. 

Shares of the Toronto-based company were up 10% at C$0.55 in Toronto and climbed 7.8% at US$0.42 in New York. 

The company reported sales of C$5.3 million of cannabis in the adult-use and wholesale markets and posted a net loss of C$9,423,000 or C$0.01 per share. 

READ: True Leaf Medicine International to sell hemp-based pet supplements in Pet Planet stores

Other cannabis gainers included CBD- and hemp-focused Isodiol International Inc (CSE:ISOL) (OTCMKTS:ISOLF), which was up 8.8% at US$1.11 in New York and gained 9.5% at C$1.50 in Toronto.

 

Contact Katie Lewis at [email protected]

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