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Buds & Duds: Cannabis stocks flat as a pancake but CROP shares jump on first harvest of 2019

CROP hit a milestone this week and completed its first harvest of 2019

Crop Infrastructure Corp. - Buds & Duds:
Also on the move were True Leaf, Next Green Wave, TerrAscend and Zenabis Global 

Cannabis stocks cruised into Friday flat as a pancake 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.

Buds

CROP Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) shares were on the rise Friday following news the firm hit a milestone this week and completed its first harvest of 2019.

CROP shares were up 4.5% at C$0.12 in Canadian trading. 

According to the firm, the plants from the cannabis company’s California greenhouses have been dried and are waiting to be trimmed. Following this harvest, the greenhouses will be replanted for an additional harvest expected in October.

READ: CROP Infrastructure Corp achieves first plant harvest of 2019 from California greenhouse

True Leaf Brands Inc (CSE:MJ) (OTCMKTS:TRLFF) shares were also gaining Friday,  up 2% at C$0.27 in Toronto and 1% at US$0.19 in New York. 

Earlier this week, the firm announced it was launching a new cannabidiol (CBD) supplement for canine companions at the end of September.

The Vernon, British Columbia-based company will launch the new products on September 30 across pet retail stores in the US and on its online store. The veterinarian-formulated CBD chews for dogs will use non-GMO, pesticide-free hemp leaves with naturally occurring cannabidiol.

READ: Pot for pets: Unleashing the cannabis-for-pets market opportunity

Gaining ground as well Friday was Next Green Wave Holdings Inc (CSE:NGW) (OTCMKTS:NXGWF), which announced yesterday it had 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 4.5% at C$0.26 in Toronto. 

READ: Next Green Wave hits key milestone with successful cannabis harvest

Duds

TerrAscend Corp (CSE:TER) (OTCMKTS:TRSSF) shares were lagging Friday after the firm released its 2Q and annual fiscal results. 

Shares were down 3.5% at C$6.61 in Toronto, off 1% at US$5.09 in New York. 

The Canopy Rivers-backed producer reported 2Q revenue of C$17.6 million, up 21% from $14.6 million in 1Q. It reported a net loss of C$0.37 per share, widening its loss from C$0.05 per share in the year-ago period.

TerrAscend raised its guidance fior full-year 2019, boosting it to C$141 million, up from C$135 million pwerviously. 

Other laggards Friday included Zenabis Global Inc (CVE:ZENA) (OTCMKTS:ZBISF), which was down 7% at US$0.75 in New York, off 5.6% at C$1.01 in Toronto. 

Earlier this week the firm announced $25 million in additional debt financing and extension and partial conversion of secured convertible notes.

-- Harriet Mclelland contributed to this report -- 

Contact Katie Lewis at [email protected]

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