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Next Green Wave

Buds & Duds: Cannabis stocks close up on Friday after flat start; Next Green Wave shares surge

Also on the move were Valens, Cronos, TerraTech and Aurora

cannabis
Next Green Wave is a medicinal and recreational cannabis company operating in California

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.

Buds

Next Green Wave (CSE:NGW) (OTCMKTS: NXGWF) shares jumped on Friday, up 8.1% at C$0.47 in Toronto, up 9.4% at US$0.35 in New York. 

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.

READ: Next Green Wave to raise C$6M to expand its brand in California

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. 

READ: Valens picks up organic certification for cannabis oil production

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.

READ: Cronos shares sink as it reports wider loss and revenue miss in 1Q

Other gainers on Friday included Cronos Group Inc (NASDAQ:CRON) (TSE:CRON), which was recovering after steep drops on Thursday, on the back of its first-quarter financial results. 

Shares soared 8,4% at C$20.65 in Toronto, up 9.3% at US$15.40 in New York. 

Duds

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.

 

--updated share prices and added video--

Contact Katie Lewis at [email protected]

Quick facts: Next Green Wave

Price: $0.23

Market: CSE
Market Cap: $35.88 m
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