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Buds & Duds: Cannabis stocks inch up but TruTrace gains on genetic testing partnership deal

TruTrace, which is running a Shoppers Drug Mart medical cannabis verification pilot program, announced that Segra International Corp, an agriculture technology company, will be joining the project as lead genetics partner

Cannabis stocks symbol up
Also on the move were Tilray, Harvest Health & Recreation, High Tide and TILT Holdings

Cannabis stocks inched higher Wednesday after a tough few days for investors.  

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, nudged up 0.3% at 176 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF was up 0.8% at C$14.04, while the OTCQX Cannabis Index gained 2.6% at 634 points.

Buds

TruTrace Technologies Inc (CSE:TTT) (OTCMKTS:TTTSF), which is running a Shoppers Drug Mart medical cannabis verification pilot program, announced Wednesday that Segra International Corp, an agriculture technology company, will be joining the project as lead genetics partner. 

Shares of TruTrace were on the rise, up 6.5% at C$0.24 in Toronto, and up 2.5% at US$0.18 in New York. 

"Genetic verification is an essential element of our goal to establish traceability and help medical professionals match therapeutic outcomes to specific genetic and chemical profiles," said TruTrace CEO Robert Galarza. "As the program scales, we need genetic testing to be completed quickly, efficiently and reliably, and we believe Segra is the right partner to deliver on each of these attributes."

READ: TruTrace's medical cannabis verification program with Shoppers Drug Mart joined by genetic tester Segra

Also gaining ground Wednesday was Tilray Inc (NASDAQ:TLRY), with its shares ticking up 3.1% at US$27.32 in New York. 

The Nanaimo, BC-based company recently inked a deal to export its first shipment of medical cannabis from Portugal to Germany. The agreement with Cannamedical Pharma GmbH will see Tilray export a wholesale shipment of US$3.3 million worth of medical cannabis to Germany.

The stock has tumbled since its all-time highs of $300 in September 2018. 

Other gainers Wednesday included Harvest Health & Recreation Inc (CSE:HARV) (OTCQX:HRVSF), which was up 11.1% at C$6.39 in Canadian trading after recovering from steep drops earlier in the week. 

The firm recently released its 2Q financials, posting revenue of US$26.6 million, up from US$10.5 million in the same quarter a year ago. The firm reported a net loss of US$20.6 million, or US$0.07 a share. 

Duds

A number of stocks still lagged on Wednesday. 

High Tide Inc (CSE:HITI) shares were down 7.1% at C$0.33 on a lack of news. 

The Alberta-based, retail-focused cannabis corporation currently has 17 branded Canna Cabana locations in Canada and is aiming to open six more by September.

Other laggards included TILT Holdings Inc (CSE:TILT) (OTCMKTS:SVVTF), down 2.4% at US$0.58 in New York, off 3.8% at C$0.76 in Toronto. 

The firm is set to release its 2Q earnings later today. 

The Massachusetts-based technology and infrastructure company provides products and services in the cannabis industry, including offering same-day delivery for retailers, wholesalers and consumers in four states.

Contact Katie Lewis at katie@proactiveinvestors.com

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