Proactive Investors - Run By Investors For Investors

Buds & Duds: WeedMD, TruTrace shares rise on cannabis-tracking blockchain system deal with Shoppers Drug Mart

Also on the move were Valens, Golden Leaf, Auxly and TILT
cannabis
The pilot program will use a blockchain-based platform known as StrainSecure to confirm the origin and quality assurance of cannabis products

Cannabis stocks nudged up Wednesday, with broad-based gains across North American markets.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was up 1.1% to 238.7 points on Wednesday. The Horizons Marijuana Life Sciences Index ETF was up 0.6% to C$18.85. The OTCQX Cannabis Index was up 0.9% at 730.5 points.

Buds

WeedMD Inc (CVE:WMD) (OTCMKTS:WDDMF) shares were on the rise Wednesday after announcing yesterday it will be the first licensed producer to take part in Shoppers Drug Mart’s pilot program designed to verify and authenticate medicinal cannabis on its shelves. 

The program, run in conjunction with TruTrace Technologies Inc (CSE:TTT) (OTCMKTS:BKKSF), uses a blockchain-based platform known as StrainSecure to confirm the origin and quality assurance of cannabis products.

READ: WeedMD to be the first licensed producer to take part in new authentication program with Shoppers Drug Mart and TruTrace Technologies Inc

WeedMD shares were up 1% at C$1.43 in Toronto, with TruTrace shares up 3.8% at C$0.27. 

Toronto-based WeedMD has supplied medical cannabis to Shoppers Drug Mart since February 2019 and partnered with TruTrace in late 2018 to utilize StrainSecure to register the cannabis company’s genetics. Shoppers Drug Mart is one of Canada’s most identifiable brands, with more than 1,300 stores across Canada. The company has a deeply entrenched pharmacy network across the country, operating in nine provinces and two territories. 

WATCH: TruTrace Technologies signs major deal with Shoppers Drug Mart

Shares of Valens GroWorks Corp (CSE:VGW) (OTCMKTS:VGWCF) continued to jump Wednesday after it announced earlier this week that it has received conditional approval to list on the TSX Venture Exchange as a Tier 1 life sciences issuer.

The stock rose 8.1% to C$3.73 in Toronto, and up 2.9% at US$2.80 in New York. 

READ: Valens gets approval to list as Tier 1 life sciences issuer

Other gainers Wednesday included Golden Leaf Holdings Ltd (CSE:GLH) (OTCMKTS:GLDFF), which was up 16.7% at C$0.07 in Toronto, flat at US$0.05 in New York. 

Earlier this week, the firm announced it was shaking up its management team again, with the appointment of a new president and CEO. The firm has had four CEO's since December and its board has appointed John Varghese, a director of Golden Leaf, to succeed Karyn Barsa as interim President and CEO of the company.  Varghese will lead the company through a strategic assessment of its management and operations.

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

Duds

Laggards on Wednesday included Auxly Cannabis Group Inc (CVE:XLY) (OTCMKTS:CBWTF) which saw its shares drop Wednesday down 3.3% at US$0.53 in New York, down 4.1% at C$0.71 in Canadian trading. 

The company, which has operations across Canada and Uruguay, announced its subsidiary Dosecann Inc has signed a deal with Capsugel Inc, a subsidiary of Lonza Group, to provide Dosecann with a line of equipment for capsule filling and sealing. 

Other laggards Wednesday included TILT Holdings Inc (CSE:TILT) (OTCMKTS:SVVTF), with shares down 3.3% at US$0.89 in New York. 

The firm, which offers same-day delivery for retailers, wholesalers and consumers in four states, has seen a tough few months after a significant writedown of US$496.4 million in its fourth-quarter earnings. It appointed a new interim CEO, Mark Scatterday. Last week, the firm announced its board chair, Alex Coleman, is stepping down. 

 

Contact Katie Lewis at [email protected]

Join Proactive’s Crypto, Blockchain and Cannabis Telegram group here
View full WMD profile View Profile

WeedMD Inc. Timeline

Related Articles

data graphic
March 22 2019
The Toronto company is busy meeting what it says is significant demand by building a data asset covering the medical cannabis sector
cannabis facility
January 23 2019
The company is breaking into the large and lucrative market in the golden state
cannabis plant
December 14 2018
The Vancouver-based cannabis group services medical and recreational cannabis markets in Canada and internationally
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use