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Buds & Duds: Cannabis stocks roll up as Wayland and ICC International Cannabis shares jump on acquisition close

Also on the move were Namaste, Flowr, Liberty Health Sciences Golden Leaf Holdings
cannabis flower
As part of the deal, Wayland will enter into a three-year supply agreement with ICC that will supply ICC with 10,000 kg annually of dried cannabis flower

Cannabis stocks rolled up briskly on Friday, with stocks rising across US and Canadian markets.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was up 1.9% to 272.05 points by Friday's close. The Horizons Marijuana Life Sciences Index ETF was down 0.8% at C$19.98.

Buds

Shares of Wayland Group Corp’s (CSE:WAYL) were on the rise Friday, as ICC International Cannabis Corp (CSE:WRLD.U) (OTCMKTS:WLDCF) announced it has closed its previously announced acquisition of 49.9% of Wayland’s international asset and license portfolio.

Shares of Wayland Group soared 6.2% at US$0.69 by Friday's close.

As part of the deal, Wayland will enter into a three-year supply agreement with ICC that will supply ICC with 10,000 kg annually of dried cannabis flower.

Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) shares were also on the rise Friday after the firm announced it has expanded its leadership team with the addition of Andy Wilczynski to the board and Andrew Buckman to the advisory board.

Toronto-based Namaste is also tapping technology futurist Faraaz Jamal as its new vice president of marketing and strategy.

Shares of Namaste were up 5% at C$0.84 in Canadian trading.

READ: Namaste Technologies adds senior executive talent, provides update on Health Canada Regulations

"We have added strength, oversight, experience, and vision to increase our capacity to achieve our corporate milestones and regain our focus on growth," said Interim CEO Meni Morim. "These three individuals each bring a wealth of history and operational excellence with proven results.”

Namaste also released news that Calgary-based Choklat Inc in which it acquired a 49% interest in March this year has submitted its license application for edibles manufacturing.

Choklat is the largest premium craft chocolate maker in Canada with existing sales through its e-commerce site and through a network of distributors across Canada.

READ: Flowr approved to list on Nasdaq

The Flowr Corporation (CVE:FLWR) (OTCMKTS:FLWPF) shares were up after it announced its application has been approved to have its common shares listed on the Nasdaq Capital Market.

Shares were up 2.8% at C$7.29 in Toronto, up 4.7% at US$5.45.

The company noted in a release that its common shares will be listed on the Nasdaq under the symbol FLWR and the company's shares listed on the TSX Venture Exchange will continue to trade under the symbol FLWR.

Duds

A number of stocks were not feeling Friday-esque and lagged.

Tilray Inc (NASDAQ:TLRY) saw its shares drop 2% at US$43.88.

The firm recently announced that subsidiary Tilray Portugal received a standard manufacturing license and a Good Manufacturing Practices (GMP) certification for its Biocant Park manufacturing facility in Cantanhede, Portugal.

This license and certification means Tilray Portugal can manufacture and export GMP-certified dried cannabis as an active substance for medicinal products.

Other detractors Friday included Golden Leaf Holdings Ltd (CSE:GLH) (OTCMKTS:GLDFF), which dropped 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.

Contact Katie Lewis at [email protected]

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