Cannabis stocks were fairly muted on Monday, with US markets closed in observance of Memorial day. Canadian cannabis stocks, however, inched up as the morning unfolded.
The Canadian Marijuana Index, which tracks the top cannabis stocks in Canada, was up 0.4% to 606.6 points by Monday afternoon. The Horizons Marijuana Life Sciences Index ETF was up 0.9% at C$20.16.
On Friday, 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 3.6% at C$0.87 in Canadian trading on Monday morning.
READ: Namaste Technologies adds senior executive talent, provides update on Health Canada Regulations
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.
The e-commerce cannabis company 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.
ICC International Cannabis Corp (CSE:WRLD.U) (OTCMKTS:WLDCF) shares were on the rise after it announced Monday it has secured an exclusive European licence to its novel cannabinoid extraction system.
Shares rallied, up 5% at C$0.21 in Canadian trading.
The Vancouver-based cannabis company obtained the licence for the Affinity Alpha Unit, which uses a two-phase process to enable the mass production of THC, CBD, CBG and terpene extracts at ten times the throughput of traditional extraction technologies.
“The integration of the Affinity Unit across ICC’s global operating units will optimize ICC’s multi-pronged CBD strategy, thereby maximizing rents while cornering high growth consumer segments,” said David Shpilt, CEO of International Cannabis in a statement.
Other gainers Monday included Aphria Inc (TSE:APHA) (NYSE:APHA) building on last week's news after Jefferies initiated coverage of the stock with a Buy rating, and a price target of C$15, 115% above its current trading level, highlighting the disconnect between its valuation and the company’s positioning.
“On our strategic scorecard Aphria scores highly, and third overall behind only Canopy and Aurora,” wrote analyst Owen Bennett in a note to clients. “Despite its strong global outlook, its valuation is the cheapest across our space, with allegations around inflated assets/insider deals weighing.”
Shares were up 4% at C$10.28 in Canadian trading on Monday afternoon.
A handful of stocks lagged on Monday.
The cannabis company based in Nevada was uplisted to the OTCQX Best Market last week and is expected to release its first quarter financials later on Thursday.
Aleafia Health Inc (TSE:ALEF) (OTCMKTS:ALEAF) shares were also lagging Monday, however, did not release any new news.
Shares were down 1.9% at C$1.56 in Toronto.
Contact Katie Lewis at [email protected]