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Buds & Duds: Cannabis stocks sag; CROP Infrastructure shares jump as it broadens California footprint

Also on the move were Next Green Wave, Aurora Cannabis and Cronos Group
cannabis crop
CROP's portfolio of projects includes cultivation properties in California, two in Washington State, and a 1,000-acre Nevada cannabis farm, 2,115 acres of hemp CBD farms

Cannabis stocks lagged Thursday on the back of a relatively lacklustre week across broad markets.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was down 1.3% to 298.94. The Horizons Marijuana Life Sciences Index ETF was down 1.5% at C$21.05. 

Buds

CROP Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) shares jumped on Thursday after the cannabis company announced it is expanding its California retail presence in an effort to capitalize on exponential cannabis sales in the state.

Shares were up 3.3% at $0.31 in Toronto.

READ: CROP Infrastructure continues to expand its retail presence in valuable California market

The company’s Esmerelda Heights retail brand has started two additional retail applications in Chula Vista and Contra Costa. The Vancouver-based company also announced that it has shipped 330,000 pre-rolled cone sleeves with custom Hempire and Evolution filters.

Shares of Next Green Wave Holdings Inc (CSE:NGW) (OTCMKTS:NXGWF) also were up on promising news that it was releasing its second pet product, the Loki Naturals CBD (cannabidiol) tincture, with its brand partner, Loki the Wolfdog.

"We are proud to be releasing another quality product through the Loki brand as we continue to carve out the California cannabis market. This is a growing sophisticated industry and we are paving the way as we continue to roll-out and deliver premium products to our consumers," said Leigh Hughes, CEO of Next Green Wave.

Shares were up 2% at C$0.57 in Toronto and flat at US$0.43 in New York. 

Duds

The list of laggards was long on Thusrday, as most cannabis stocks trended down. 

Aurora Cannabis Inc (TSE:ACB) (NYSE:ACB) shares dropped after it announced it is expanding the size of a marijuana production facility currently under construction in Medicine Hat, Alberta by 33%. 

Shares were down 2.2% at C$11.88. 

Cronos Group Inc (NASDAQ:CRON) (TSE:CRON) shares tumbled on Thursday, down 4.1% at C$23.14. Cronos stock has been volatile lately, after being downgraded by a number of analysts several weeks ago. 

Contact Katie Lewis at [email protected]

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