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Buds & Duds: Cannabis stocks nudge up; Harvest One shares jump on cannabis oil license win

The firm said it plans to launch infused products across all of its brands including Royal High, Satipharm, Dream Water and LivRelief

Medical person holding CBD
Also on the move were Nabis, Mojave Jane, Tilray, TILT, Isodiol and National Access Cannabis

Cannabis stocks had a slow start to Tuesday, with shares broadly flat across US and Canadian markets. 

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was up 0.8% at 188.5 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF inched up 0.7% at C$14.87, while the OTCQX Cannabis Index was up 0.7% at 683 points.

Buds

Harvest One Cannabis Inc (CVE:HVT) (OTCMKTS:HRVOF) has received an amendment to its cannabis license from Health Canada that will allow it to sell cannabis oil products, the company announced Tuesday. 

The oil sales license comes via its subsidiary United Greeneries Ltd and lets the company begin initial sales to retailers in British Columbia, Ontario, Saskatchewan and Manitoba.

"Securing our cannabis oil licence from Health Canada is another key step in the evolution of Harvest One as we get ready for the next stage of legalization," CEO Grant Froese said in a statement. "We are looking forward to launching infused products across all of our brands including Royal High, Satipharm, Dream Water and LivRelief."

READ: Harvest One Cannabis wins Health Canada cannabis oils sales license via subsidiary

Also gaining ground Tuesday was Nabis Holdings Inc (CSE:NAB) (OTCMKTS:NABIF), which announced it has closed on the acquisition of a cultivation, production and fulfillment facility in Camp Verde, Arizona. 

Shares of Nabis were up 8.3% at C$0.18 in Canadian trading, up 3.2% at US$0.10 in New York. 

In a statement, the cannabis-investment firm pointed out that this is its second announced acquisition in Arizona following an agreement to acquire a licensed medical marijuana business, which included a Phoenix dispensary specializing in top-tier flower, vape pens, edibles and CBD products.

The latest acquisition is a 44,000 square-foot facility, located on 2.5 acres. and is one of the largest industrial warehouses in the Verde Valley, near Phoenix.

READ: Nabis Holdings closes deal on cannabis production facility in near Phoenix

Mojave Jane Brands Inc (CSE:JANE) (OTCMKTS:HHPHF) said Tuesday it has raised C$3.2 million to fund the cannabis company’s growth plans over the near term. In a statement on Tuesday, the Toronto-based firm said it will use the proceeds from the non-brokered private placement to finance strategic acquisitions and expand its delivery footprint.

Shares of Mojave Jane were up 2.8 at C$0.19 in Toronto. 

CEO Gary Latham told shareholders that he was “pleased” with the demonstration of support for the cannabis company's growth strategy. 

“We intend to deploy the proceeds to expand our extraction, manufacturing and delivery capabilities in the burgeoning California market through a blend of expansion and acquisition,” Latham said in a statement.

READ: Mojave Jane Brands closes C$3.2 million financing to fund expansion

Tilray Inc shares were up Tuesday after news yesterday that the cannabis producer has signed a merger pact with its largest shareholder, Privateer Holdings. 

Tilray shares were up 3.7% at US$31.28.  

The move extends the lock-up period and means Tilray will issue up to 75 million Tilray shares to Privateer's equity holders while canceling 75 million shares owned by Privateer. The shares represent 77% of Tilray’s total shares outstanding and will be released over an extended two-year period. 

Duds

Laggards Tuesday included TILT Holdings Inc (CSE:TILT) (OTCMKTS:SVVTF), down 3.2% at C$0.61 in Toronto. 

The cannabis technology company announced the company's ticker symbol on the OTCQB Markets has changed from SVVTF to TLLTF. 

“We are excited to begin trading under our new ‘TLLTF’ symbol and believe that the new ticker matches our goal of continuing to strategically reposition TILT and move the business forward,” said interim CEO Mark Scatterday, in a statement. “The symbol change aligns directly with our corporate brand and will strengthen our visibility in the market, making it easier for current shareholders and prospective investors to find and follow the company.”

Also lagging was CBD manufacturer Isodiol International Inc (CSE:ISOL) (OTCMKTS:ISOLF) down 3% at C$0.33 in Toronto on no new news. 

Other duds included National Access Cannabis Corp, down 5.3% at C$0.54 also on no new news. 

National Access Cannabis Corp is Canada's largest recreational cannabis retailer with 35 licensed retail locations across the country. 

Contact Katie Lewis at [email protected]

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