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Tilray Inc

Buds & Duds: Cannabis stocks recover on Friday; Canntab shares soar on positive finding of patentability

Also on the move were Canntab Therapeutics Limited, The Green Organic Dutchman Holdings, HEXO, Tilray and High Tide

Canntab Therapeutics Ltd - Buds & Duds: Cannabis stocks recover on Friday; Canntab shares soar on positive finding of patentability
Canntab's formulation was found to be not only patentable but also "novel, non-obvious and useful"

Cannabis stocks rolled up Friday as stock markets across North America saw broad-based gains across most sectors. 

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was up 1.9% at 196.4 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF rose 3.3% to C$15.75, while the OTCQX Cannabis Index was up 2.7% to 668.6 points.

Buds

Canntab Therapeutics Limited (CSE:PILL) (OTCMKTS:CTABF) was on the rise Friday after the cannabis pill developer received a boost to its commercialization plans yesterday, with a positive finding of patentability for its immediate release cannabidiol formulation.

Shares were up 12.3% at C$0.64 in Toronto. 

Geneva-based IPRP (the International Preliminary Report on Patentability) has indicated a positive finding of patentability, meaning that, in its opinion, Canntab's formulation is not only patentable but also "novel, non-obvious and useful." Canntab has successfully created a line of patent-pending precision oral-delivery hard tablets. The technology means the company can convert THC and CBD oil into a nano-emulsified granulation, and ultimately into a hard pill format. 

 WATCH: Canntab receives indication of patentability for its release cannabidiol formulation

Also on the rise was The Green Organic Dutchman Holdings Ltd (TSE:TGOD) (OTCMKTS:TGODF), which said that it has completed its first shipment to the Ontario Cannabis Store, marking the company's push into Canada's recreational market.

Shares of TGOD were up 2.2% at US$2.29 in New York, up 2.7% at C$3.05 in Toronto. 

In a statement Friday, the company which is well-known for its high-quality organic medical cannabis said Ontario consumers will soon be able to experience the company’s high THC signature Unite Organic dried flower, which will be available online as well as at select retail locations across the province.

READ: Green Organic Dutchman executes first shipment to the Ontario Cannabis Store as it enters recreational market

Also on the rise Friday was HEXO Corp (TSE:HEXO)(NYSEAMERICAN:HEXO), up 4.7% at C$5.96 in Toronto, up 4.4% at US$4.47 in New York. 

Earlier this week, the firm announced nine of its dried flower cannabis products can now be purchased by Ontario consumers, via the Ontario Cannabis Store (OCS).

"We are thrilled to increase our offering at the OCS," said CEO Sebastien St-Louis. "Apart from being our nation's most populous province with the highest demand for cannabis products, the Ontario marketplace is among the most competitive -- and we are rolling out high-quality products to which we believe Ontario consumers will strongly gravitate."

Duds

There were few laggards on Friday.

Tilray Inc (NASDAQ:TLRY) shares sank 2% at US$34.41 in New York after reporting wider-than-expected losses in its fiscal second quarter earlier in the week.

The cannabis cultivation company reported revenue of US$45.9 million, as compared to US$9.7 million in the year-ago period, and beating the US$40.35 million expected by analysts. The firm pointed to its acquisition of Manitoba Harvest, recreational legalization in Canada, and growth in Europe’s medical marijuana market as reasons for the rise. 

Net loss for the quarter was US$35.1 million or $0.36 per share compared to a loss of US$12.8 million or $0.17 per share in the same period a year ago. Tilray said the widening loss was due to an increase in operating expenses, interest expenses, acquisitions and the expansion of its international operations.

Also losing ground Friday was High Tide Inc, which was down 5% at US$0.38. 

The firm announced Friday has launched its a store in Olds, Alberta and is aiming to have a total of 23 locations operational in Canada by early September. The firm currently has 17 branded Canna Cabana locations in Canada and is aiming to open six more by September.

Contact Katie Lewis at [email protected]

Quick facts: Tilray Inc

Price: $28.75

Market: NASDAQ
Market Cap: $2.81 billion
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