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Buds & Duds: Cannabis stocks flatten out; Namaste shares climb in anticipation of financial results

Also on the move were Canntab Therapeutics, Cannabis One, WeedMD, Tilray, Isodiol and MedMen
cannabis leaf
Namaste is expected to release its 2018 financials statements this week

Cannabis stocks were trending flat as a pancake on Thursday. 

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was down 0.2% to 267.5 points on Thursday. The Horizons Marijuana Life Sciences Index ETF inched down 0.6% to C$19.48.

Buds

Despite the trend, there were a number of stocks outperforming on Thursday. 

Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) shares continued to climb on Thursday, up 3.8% at $0.69 in New York, up 2.2% at C$0.92 in Toronto.

The firm did not release any new news, however, it is expected to release its 2018 financial statements this week.

READ: Heritage Cannabis inks pact with Canntab Therapeutics for capsule manufacturing

Also on the move was Canntab Therapeutics Ltd (CSE:PILL.CN) (OTCMKTS:CTABF), which inked a deal for capsule manufacturing with Heritage Cannabis Holdings Corp (CSE:CANN) (OTCQX: HERTF) on Thursday. 

Shares of Canntab were on the rise, up 7% at C$0.76 in Toronto. Heritage shares were flat at US$0.33 in New York. 

Canntab has a Health Canada license to cultivate industrial hemp that it uses to extract cannabidiol (CBD) to manufacture cannabis pills.

According to the term sheet, Heritage’s subsidiary Purefarma Solutions will now provide processing services for hemp supplied by Canntab Therapeutics for its ingestible cannabis products.

READ: WeedMD revamps Ontario facility into cannabis oil extraction site

Also on the rise Thursday was WeedMD Inc (CVE:WMD) (OTCMKTS:WDDMF), a day after the company announced it is converting its 26,000-square-foot Aylmer, Ontario facility into a cannabis extraction and processing plant.

Shares were up 1.6% at C$1.85 in Canadian trading.

The fully licensed oil extraction facility is expected to be operational this summer with the capacity to process 200,000 kilograms of biomass per year. The company has processed oils at the Aylmer site since June 2017.

Other gainers Wednesday included Cannabis One Holdings Inc (CSE:CBIS) (OTCMKTS:CAAOF), which announced earlier this week that a pair of vice presidents stepped into interim C-suite positions, effective immediately.

Shares were up 2.8% at C$1.11, up 3.8% at US$0.81 in New York.

Duds

MedMen Enterprises Inc (CSE:MMEN) (OTCQX:MMNFF) was dropping sharply Thursday after the firm released its third-quarter earnings, which didn’t meet analyst estimates. In particular, MedMen’s quarterly loss was higher than estimates.

Shares slipped 5.2% at US$2.25. 

LA-based MedMen reported revenue of US$36.6 million, versus analyst expectations of US$49.2 million. It reported a net loss of US$63.1 million, reflecting a share loss of US$0.20. In the year-ago quarter, the loss stood at US$18.4 million.

Tilray Inc (NASDAQ:TLRY) shares dropped on Thursday, down 2.3% at US$39.90 in New York.

Also on the decline was Isodiol International (CSE:ISOL) (OTCMKTS:ISOLF), which was down 1.9% at US$0.99 in New York on no news. The firm produces hemp derivatives in bulk quantities, white label formulas, and a branded line of finished goods.

 

Contact Katie Lewis at [email protected]

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