Cannabis stocks inched higher Friday at the end of a mixed week, with a long holiday weekend pending.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, nudged up 0.3% at 180.9 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF was up 0.2% at C$14.32, while the OTCQX Cannabis Index gained 0.5% at 652.5 points.
Gaining ground Friday was EnWave Corporation (CVE:ENW) (OTCMKTS:NWVCF), up 3.7% at C$2.27 in Toronto, up 4.1% at US$1.71 in New York, after the group revealed it had signed a new royalty-bearing licence with a pharmaceutical-grade medicinal cannabis cultivator in Ontario.
The agreement with Glasshouse Botanics Inc sees EnWave licence its proprietary Radiant Energy Vacuum (REV) dehydration technology to Glasshouse in return for a royalty based on the weight of dried finished cannabis.
Vancouver-based EnWave, which is developing commercial applications for its dehydration technology in the cannabis, food and pharmaceutical industries, posted fiscal third-quarter results Thursday that showed revenue hit an all-time high.
Also on the rise Friday was Valens GroWorks Corp (CVE:VGW) (OTCMKTS:VGWCF), up 5.4% at C$3.50 in Canadian trading, up 5.5% at US$2.64.
The extraction-focused firm started trading on the OTCQX Best Market on Monday having graduated from the OTCQB Market.
The firm recently completed the acquisition of the remaining 80.2% interest in Holigen Holdings through a share purchase agreement. The move will mean the addition of operations in Portugal and Australia to Flowr's existing Canadian platform.
A number of stocks lagged on Friday.
The company leases specialized industrial properties to state-licensed operators for their regulated medical cannabis facilities.
The company reported revenue of US$39 million, up 13% from the previous quarter. TILT reported a net loss of US$48.9 million, compared to US$5.3 million in the prior-year period and US$77.9 million in the previous quarter.
Year-to-date, CannTrust stock has dropped from C$7.08 to C$2.30, as the firm has been embroiled in a scandal since early July after Health Canada found it was growing cannabis in unlicensed rooms at its Vaughan, Ontario facility.
Contact Katie Lewis at [email protected]