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Buds & Duds: Cannabis stocks flat to close the week; TruTrace, Nextleaf shine on new milestones

Also on the move were Green Growth Brands, MedMen, Avicanna and Sugarbud

cbd oil and flower
A few marijuana companies stood out from the pack on Friday

Cannabis stocks were quiet on Friday as the top indices tracking the pot sector remained relatively flat.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, inched 0.5% higher at 184.7 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF lost a meager 0.1% at C$14.71, while the OTCQX Cannabis Index grew 0.3% at 662.1 points.

Buds

A few marijuana companies stood out from the pack on Friday.

TruTrace Technologies (CSE:TTT) (OTCMKTS:TTTSF) rose 2.1% to hit C$0.25, gaining ground after this week’s announcement that marijuana company Tilray Inc (NASDAQ:TLRY) is joining the company’s cannabis verification program in partnership with Shoppers Drug Mart.

CEO Robert Galarza spoke to Proactive about the program in an exclusive interview published on Friday.

“Working alongside Shoppers changes the conversation about what our technology could mean for the industry because we are focusing on building a bridge between medical cannabis and the traditional medical industry – that’s a bigger divide than people like to admit,” Galarza told Proactive.

READ: TruTrace Technologies protects intellectual property to send counterfeiters packing

“If we can help make cannabis a customary part of medical treatment, it could impact the trajectory of the industry in a positive way.”  

Other shares on the move included Nextleaf Solutions Inc (CSE:OILS) (OTCMKTS:OILFF), which was riding high off of the news that it was granted a Health Canada Standard Processing License earlier this week.

Shares of Nextleaf were up 2% at C$0.52.

READ: There’s a thirst for cannabis-infused beverages but which way will the market flow?

Also in positive territory was Green Growth Brands Inc (CSE:GGB) (OTCMKTS:GGBXF), up 4.7% on no new news.

Duds

Avicanna Inc (TSE:AVCN) (OTCMKTS:AVCIF) dropped sharply on Friday despite announcing that it signed an exclusive research agreement with the University of Guelph that will focus on evaluating a variety of dosage forms on preclinical models of several human psychiatric conditions.

Shares fell 7.1% to sit at C$4.30 in Toronto.

Other companies in the red included MedMen Enterprises Inc (CSE:MMEN) (OTCMKTS:MMNFF), which dropped 2.7% at C$2.54, and Sugarbud Craft Growers Corp (CVE:SUGR), which fell 9.5% at C$0.10.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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