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Buds & Duds: Cannabis stocks pick up steam as Namaste Technologies shares soar

Also on the move were ICC International Cannabis, Tilray, Codebase Ventures, Golden Leaf Holdings and Terra Tech
Cannabis leaf
Namaste Technologies says it expects to file the annual filings by the end of May

Cannabis stocks had an upbeat start Wednesday, with shares broadly up across US and Canadian markets.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was up 0.5% to 276.3 points by Wednesday's close. The Horizons Marijuana Life Sciences Index ETF was up 1% at C$20.40.

Buds

Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) shares were soaring on Wednesday, up 17.6% at C$0.87, up 16.8% at US$0.65. 

The e-commerce cannabis company hasn't released any news, however, it is currently undergoing an audit of its 2018 financial statements.

"The audit of the 2018 annual financial statements is well under way, and the company currently continues to expect to file the annual filings by the end of May, 2019," noted the company in a statement released last week. 

READ: ICC International Cannabis signs major deal to purchase 100 million grams of dried cannabis flower for European distribution

Also on the rise on Wednesday was ICC International Cannabis Corp (CSE:WRLD.U) (OTCMKTS:WLDCF), which inked a massive supply agreement, announcing Wednesday that it is planning to purchase up to 100 million grams of flower from AgraFlora Organics International Inc (CSE:AGRA) over a five-year period.

Shares of ICC were up 1.7% at US$0.23. 

ICC will distribute the dried cannabis flower through its European distribution footprint of 80,000 pharmacies and 300,000 retail locations under the company’s various brands.

READ: Codebase Ventures to seek investments in expanding cannabis sector

Codebase Ventures Inc (CSE:CODE) (FSE:C5B) (OTCQB:BKLLF) shares soared Wednesday after it annoucned the firm will start seeking investments in the growing cannabis sector.

Shares were up 12.5% at C$0.05 in Canadian trading. 

The company, which invests in early stage tech companies, said its focus within the cannabis sector will target opportunities in information, data and technology.

The Vancouver, British Columbia-based company currently invests in the blockchain and cryptocurrency sectors.

READ: Tilray posts higher revenues but widening losses after a busy quarter of acquisitions and expansions

Other gainers on Wednesday included Tilray Inc (NASDAQ:TLRY) shares were gaining on Wednesday, up 3.7% at US$46.24. 

Last week, the company posted its quarterly earnings results, showing higher revenues but widening losses thanks to its acquisitions and expansion plans in 1Q.

The Nanaimo, BC-based company’s net loss increased to US$30.3 million, or $0.32 per share, compared to a loss of $5.2 million, or $0.07 per share, during the same period last year. Analysts were expecting a loss of around $0.23 for the quarter.

Duds

There were a handful of laggards on Wednesday. 

Golden Leaf Holdings Ltd (CSE:GLH) (OTCMKTS:GLDFF) dipped on Wednesday down 4.8% at C$0.10 in Toronto. 

The Canadian company has cultivation, production and retail operations in Canada as well as in Oregon and Nevada. 

Other laggards Wednesday included Terra Tech Corp (OTCMKTS:TRTC), which was down 3.3% at US$0.74. 

Contact Katie Lewis at [email protected]

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