Cannabis stocks turned it around on Friday, after steep declines on Thursday and a flat start to Friday, and perked up by the end of the day.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was up 1.9% to 280.36 points by Friday midday. The Horizons Marijuana Life Sciences Index ETF was up 1.8% at C$280.36.
The cannabis firm, which is focused on the California market, recently started trading on the OTCQX best market, having been upgraded from the OTCQB venture market.
Notably, it also recently started cannabis production at its facility in Coalinga, California and announced it was raising $6 million to expand its brand and products in California.
Valens GroWorks Corp (CSE:VGW) (OTCMKTS:VGWCF) saw a bump on Friday, up 5.1% at US$3.15 in New York and up 4.7% at C$4.24 in Toronto by the close.
The firm recently picked up organic certification for cannabis oil production, meaning it can produce certified organic cannabis oil from hemp and cannabis biomass that is organically cultivated and certified.
Kelowna-based Valens is a multi-licensed provider of cannabis products and its services are focused on extraction methodologies, distillation, cannabinoid isolation and purification, as well as associated quality testing.
Shares soared 8,4% at C$20.65 in Toronto, up 9.3% at US$15.40 in New York.
A number of stocks were rolling down on Friday.
TerraTech (OTCMKTS:TRTC) shares dipped, down 5.1% at US$0.75, after it released its first-quarter financial results on Thursday. The firm reported revenues of US$7.4 million, compared to US$8.6 million for the first quarter ending March 31, 2018, a drop of US$1.3 million.
"In the first quarter of 2019 we made meaningful headway both implementing our restructuring strategy and further entrenching ourselves in the California market," noted CEO Derek Peterson in a statement.
Other laggards on Friday included Aurora Cannabis Inc (NYSE:ACB) (TSE:ACB), which dropped 2.5% at C$10.97 in Toronto, down 2.1% at US$8.17 in New York earlier on Friday, but flattened out as the day went on, ending up 0.1% at C$11.26 by the close.
The firm announced Thursday it was selected by the Luxembourg Health Ministry as the exclusive supplier in a public bid to supply a second delivery of medical cannabis to Luxembourg.
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Contact Katie Lewis at [email protected]