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Buds & Duds: Cannabis stocks nudge up; The Green Organic Dutchman shares climb as flagship facility receives organic certification

Also on the move were Next Green Wave, Mojave Jane, Tilray and Acreage

Valleyfield facility
TGOD's flagship Valleyfield facility (pictured) was certified as organic by Pro-Cert, one of North America’s leading certification bodies

Cannabis stocks saw a sea of green on Thursday, with gains across North American markets. 

The Horizons Marijuana Life Sciences Index ETF was up 0.8% to C$18.15. The OTCQX Cannabis Index was up 1.9% at 737.3 points.

Buds 

The Green Organic Dutchman Holdings Ltd (TSE:TGOD) (OTCMKTS:TGODF) shares were on the rise Thursday, after it announced its flagship facility in Quebec received organic certification.

Shares jumped 4.1% at C$3.29 in Canadian trading, up 3.3% at US$3.29 in New York. 

The Valleyfield, Quebec facility was certified as organic by Pro-Cert, one of North America’s leading certification bodies. Valleyfield will have over 1.3 million square feet of grow space once completed, making it the largest organic cannabis facility in the world.

"It's exciting to reach new milestones as we begin commercial production. Growing certified organic cannabis at scale is a highly complex process which has taken time, great care and extensive research to refine. Each of our facilities goes through a robust certification process, in line with the high standards we have set, ensuring operational excellence at all stages," said CEO Brian Athaide. 

READ: The Green Organic Dutchman hails organic certification at flagship Valleyfield facility

Other stocks gaining ground Thursday included Next Green Wave Holdings Inc (CSE:NGW) (OTCMKTS:NXGWF), which announced that it has closed a C$2.75 million financing with the Cannabis Growth Opportunity Corporation (CGOC), an investment corporation focused on the global cannabis sector.

The firm said funds raised will go towards advancing its strategic partner alliances in California and provide working capital to accelerate its operations.

The market responded, sending shares up 12.5% at C$0.27 in Canadian trading, up 15.5% at US$0.21. 

READ: Next Green Wave closes $2.75M financing with Cannabis Growth Opportunity Corp

Shares of Mojave Jane Brands Inc (CSE:JANE) were also on the rise Thursday, up 4.8% at C$0.32 in Toronto. Earlier this week, the firm finalized its name change and a new ticker symbol JANE on the Canadian Securities Exchange.

Though the cannabis company is based in Toronto, it has a vertically integrated presence in California, including the Caligold brand of cannabis-infused chocolate. The firm's US holdings are comprised of assets that include cultivation to scale, branding, packaging, manufacturing and processing.

READ: Mojave Jane casts eyes on California cannabis market with a new name and ticker

Duds

Laggards Thursday included Acreage Holdings Inc (CSE:ACRG) (OTCMKTS:ACRGF), with shares dropping 1.8% at US$16.66 in New York.

The US multi-state operator recently announced it will embark on a capital raise of up to US$800 million.

Tilray Inc (NASDAQ:TLRY) shares also lagged on Thursday, down 0.4% at US$47.02. 

Contact Katie Lewis at katie@proactiveinvestors.com

Quick facts: Green Organic Dutchman Holdings Ltd.

Price: 0.22 CAD

TSX:TGOD
Market: TSX
Market Cap: $96.36 m
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