Cannabis stocks had a rough start to Thursday with broad-based losses across North American markets.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, dropped 3.6% at 186.2 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF was down 2.9% at C$15.02, while the OTCQX Cannabis Index slipped 1.4% at 654.6 points.
Despite the overall drops in the market, a number of stocks were outperforming on Thursday.
Weekend Unlimited Inc (CSE:POT) (OTCMKTS:WKULF) shares jumped higher after the lifestyle-focused cannabis company said that it has launched its flagship wknd! branded products in Washington State.
Weekend Unlimited shares were up 18.2% at 0.07 in Toronto by midday.
"This is a significant milestone for the company," said CEO Chris Backus. "Since becoming president and CEO, our primary objective has been to get our branded products into stores, generating revenue for the company. As of this week, WKND!-branded products are in full sales launch in Washington State. Inventory is fully stocked, sales teams have entered retail stores with product sample packs and purchase orders are being taken."
Also on the rise was Pressure BioSciences Inc (OTCMKTS:PBIO), which announced Thursday that it has won two more customers for its water-soluble CBD manufacturing system, the BaroShear K45.
Shares of Pressure BioSciences were up 30.2% at US$2.50 in New York.
The BaroShear K45 system is based on the company’s Ultra Sheer Technology platform, which applies high-pressure much greater than 20,000 pounds per square inch to create nano-scale emulsion mixtures of otherwise immiscible fluids — like oils and water — that results in stable homogenized products called nanoemulsions. Given this ability, the BaroShear K45 system is a powerful next generation nano-emulsification system designed to fix a critical problem facing CBD manufacturers: the poor water solubility of CBD oil.
READ: Pressure BioSciences wins two more orders for its novel BaroShear K45 water-soluble CBD manufacturing system
Also gaining ground Thursday was Next Green Wave Holdings Inc (CSE:NGW) (OTCMKTS:NXGWF), which announced it completed its first cannabis harvest at its Coalinga facility. The firm said that all 14 flower rooms at the company’s California facility are stocked with plants, and six of them are in the flowering stage.
Shares of Next Green Wave were up 4.2% at C$0.25 in Toronto, up 1.7% at US$0.18 in New York.
The cannabis company told investors that it expects to become fully operational this month. The company also announced that founder Mike Jennings has been appointed interim CEO along with his current role as COO.
A number of stocks tumbled on Thursday.
Tilray shares dropped 8% at US$29.74 in New York trading.
The agreement with Cannamedical Pharma GmbH will see Tilray export a wholesale shipment of US$3.3 million worth of medical cannabis to Germany.
CannTrust has been embroiled in a scandal since early July after Health Canada found it was growing cannabis in unlicensed rooms at its Pelham, Ontario facility and later raised issues about its manufacturing facility in Vaughan, Ontario.
Its chief executive officer Peter Aceto was fired and chairman Eric Paul resigned, while its auditor KPMG withdrew its annual and Q1 results. Earlier this week there was news that the Ontario Cannabis Store has returned all of the company's products as they are deemed to be 'non-comforming product.' The company said the total value of the products is about C$2.9 million.
-- Harriet Mclelland contributed to this report --
Contact Katie Lewis at [email protected]