it was a dark day for most cannabis stocks Tuesday, with the majority tumbling on the back of broader stock market drops. Investors are also awaiting the fate of the STATES Act, which would protect the cannabis industry in legal states.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was down 3% to 296.10. The Horizons Marijuana Life Sciences Index ETF was down 2.2% at C$20.93.
1933 Industries Inc (CSE:TGIF) (OTCMKTS:TGIFF) bucked the trend on Tuesday, with its shares jumping after it announced subsidiary Alternative Medicine Association (AMA) has agreed to an exclusive licensing deal with a leading cannabis brand to cultivate, manufacture, sell and distribute cannabis products in Nevada.
On Monday, 1933 Industries also announced a two-year licensing agreement between subsidiary Infused MFG LLC and House of Hawk LLC for the launch of several co-branded CBD wellness products in North America.
READ: 1933 Industries shares rise on exclusive licensing agreement to sell cannabis products in Nevada
The company will launch hemp and CBD recovery creams and lotions in collaboration with famed American skateboarder Tony Hawk’s Birdhouse Skateboards.
Shares of 1933 Industries jumped 6% on Tuesday morning, settling up 2% by Tuesday afternoon. Shares were up 2.0% at C$0.51 in Toronto and up 2.9% at US$0.39 in New York.
Also on the rise Tuesday was RedFund Capital Corp (CSE:LOAN) (OTC:PNNRF) which saw its shares up 2.9% at C$0.18 in Toronto.
The cannabis-focused investment firm recently announced it will provide financing of about US$1 million to Cannaki Beverage Inc to help fund the beverage company’s expansion.
Further to that, the Vancouver-based company recently formed a strategic alliance with Cannabis Mercantile Exchange, a hemp auction platform.
There were more duds than buds on Tuesday, with broad drops across the board.
Contact Katie Lewis at [email protected]