Cannabis stocks were mixed on Monday to open the trading week in North America.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, stayed relatively flat, inching 0.2% higher to 170 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF gained 1.8% to C$13.99, while the OTCQX Cannabis Index sank 0.2% to 638.6 points.
1933 Industries Inc (CSE:TGIF) (OTCMKTS:TGIFF) gained nearly 3% on Monday after announcing that it has commenced sales to specialty retailer Zumiez, featuring the cannabis company's action sports topical CBD recovery cream Canna Hemp X.
With 658 stores in North America, Zumiez has a well-defined brand position with a target demographic that is synergistic with the Canna Hemp X line, the company told investors.
Shares of 1933 were up to C$0.35 by midmorning and increased 4.4% to US$0.25 on the OTC Market.
Nextleaf Solutions Ltd (CSE:OILS) (OTCMKTS:OILFF) also saw its shares rise after it revealed that it has inked a pact to acquire intellectual property pertaining to water-soluble cannabinoid formulations.
In a statement, the Vancouver-based company said that based around a nano and micro emulsification process, the technology utilizes food-grade emulsifiers already approved by Health Canada. The water-soluble cannabinoids are “shelf stable,” resulting in no constituent separation, and boast a rapid onset time, said the company.
Shares rose nearly 2% to C$0.52 in Toronto.
True Leaf Brands Inc (CSE:MJ) (OTCMKTS:TRLFF) jumped 4.3% in morning trading after welcoming Mike Mardy to the company’s board of directors. Mardy previously served as an executive at luggage and travel accessories retailer Tumi Holdings Inc and helped navigate the company’s merger with global brand Samsonite.
True Leaf shares were trading at C$0.24 in Canada.
A collection of pot stocks were laggards on Monday with no new news.
Avicanna Inc (TSE:AVCN) (OTCMKTS:AVCIF) also lost 3.6% on Monday in Toronto to sit at C$4.10. The cannabis company told investors that CEO Aras Azadian will present at the upcoming International Natural & Organic Cosmetics Conference in Berlin.
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