Cannabis stocks started the week with a bang, after a busy 4/20 weekend.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was up 2.5% to 301.34 by Monday's close. The Horizons Marijuana Life Sciences Index ETF was up 3.7% at C$20.92.
FSD Pharma Inc (CSE:HUGE) (OTCMKTS:FSDDF) announced Monday that it had hit a key milestone after its subsidary FV Pharma received its sales license to supply and sell cannabis products. The license, granted by Health Canada, went into effect on April 18, 2019.
Shares of FSD soared, up 24.4% at C$0.28 in Toronto, up 21.5% at US$0.21 in New York.
The Toronto-based company plans to ramp up production at its current facility in Cobourg, Ontario while continuing to build out the plant to add additional grow capacity.
The terms allow the current FSD facility to supply and sell cannabis products, while an amended sales license, expected in the near future, will include the sale of dried and fresh cannabis flower.
The sales license also allows FSD’s partner Canntab Therapeutics (CSE:PILL) to begin sales of its cannabis oral dose delivery platforms, including CBD and THC capsules, in Canada and internationally.
Shares of Canntab were also up on Monday, closing up 4% at C$0.78 in Toronto.
“We expect that this will provide an immediate benefit to both parties, since FSD is entitled to a share of Canntab's revenue from sales as a result of the collaboration and profit sharing agreement that we entered into this past fall,” said FSD founder and president Zeeshan Saeed.
Shares of TGOD were up 6.9% at C$4.18 in Toronto and up 6.5% at US$3.13 in New York.
"We are pleased to offer TGOD's medical patients access to new premium certified organic cannabis oils," said CEO Brian Athaide. "In addition, this step will assist TGOD in transforming our premium-quality organic raw material into a variety of higher-margin cannabis products which is core to our business plan, providing us with the opportunity to bring to market innovative and novel products, including beverages and edibles, once regulations permit. Cannabis 2.0 is rapidly approaching, and we will be ready."
Also on the rise Monday was Cannabis One Holdings Inc. (CSE:CBIS) (OTCMKTS:CAAOF), which announced a series of agreements to acquire Evergreen Organix, a Nevada-based cultivation, manufacturing and brand house.
Shares were up 3.7% at C$4.53 in Toronto, up 4.8% at US$3.41 in New York.
The Denver-based company said in a statement that they had three definitive agreements to acquire certain assets of Nevada-based LV 3480 Partners LLC, 3480 Investors, Inc., and Agro Finance LLC, collectively known as Evergreen Organix.
A number of stocks lagged on Monday.
For the full year 2018, its revenues grew to US$11.85 million, up 95% over US$6.07 million reported for 2017. Its reported net loss for the year was US$13.6 million.
Shares of MedMen Enterprises Inc (CSE:MMEN) (OTCQX:MMNFF) lagged on Monday, after it announced a number of top executives have resigned, including its general counsel and chief operating officer. The company also named Ryan Lissack as MedMen's new chief technology officer.
Shares were down 5.3% at US$2.86 in New York by Monday's close.
Contact Katie Lewis at [email protected]