Buds & Duds: Cannabis stocks conclude a no good, very bad week; The Flowr Corporation and The Green Organic Dutchman blossom

Analysts say that the Canadian black market remains "robust" post legalization, lowers price target on HEXO

cannabis stocks analytics
Also moving was Harvest Health & Recreation, TILT Holdings and CannaRoyalty Corp

Cannabis stocks made some headway on Friday, ending a week to forget for marijuana investors across North America.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada moved 2.3% higher to 130.4 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF inched 0.4% higher to C$10.54, while the OTCQX Cannabis Index rose 2.8% to 495 points.


Pot companies were largely quiet on Friday but a number of companies saw a move to the green.

The Flowr Corporation (CVE:FLWR) (OTCMKTS:FLWPF) saw its shares jump 13.3% in Toronto at C$2.05 and 10.9% on OTC markets at US$1.52.

Also on the move was The Green Organic Dutchman Holdings Ltd (TSE:TGOD), which gained 10.8% at C$1.23 to end the week.

TILT Holdings Inc (CSE:TILT) gained 10.9% in Canada, reaching C$0.25, while Harvest Health & Recreation Inc (CSE:HARV) also moved up 3% at C$3.25.

CannaRoyalty Corp (CSE:OH) was up 3.6% at C$5.42 on Friday morning in Canada, a gain of C$0.19.


Despite the relative peace in the cannabis sector, many of the larger players saw their share prices trading lower on Friday morning.

HEXO Corp (TSE:HEXO) (NYSE:HEXO) continued its nightmare week, falling another 4.7% to trade at C$3.58 in Toronto and 5.4% in New York at US$2.69.

Roth Capital Partners analysts lowered its price target on HEXO stock to US$2.85 and slashed its rating to Neutral following the cannabis company’s warning that it would miss profit estimates.

“HEXO echoed other industry leading LPs in calling out the substantial lack of consumer access to legal cannabis, primarily due to the limited number of brick and mortar retail stores,” Roth analyst Scott Fortune wrote in a note on Thursday afternoon. 

Fortune wrote that Canada’s most populous province, Ontario. has played “political football” with cannabis, as it has changed its retail store roll-out strategy a number of times on the fly and is still extremely limited in the total number of store licenses. 

“In our view, the Canadian black market remains robust, and nearly a year after legalization, the industry is in the process of re-setting the overall legal consumption demand,” Fortune wrote.

Other movers to the downside included retailer MedMen Enterprises Inc (CSE:MMEN), down 1.8%, and pot producer Aurora Cannabis Inc (TSE:ACB) (NYSE:ACB), which lost 1.8%.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of The Flowr Corporation named herein, including the promotion by the Company of The Flowr Corporation in any Content on the Site, the Company...



Full interview: Thunderbird Entertainment sees strong third quarter results...

Thunderbird Entertainment (CVE: TBRD-OTC: THBRF) CEO Jennifer Twiner McCarron joined Steve Darling from Proactive Vancouver to share news the company has released their 3rd quarter financial numbers which saw a 40 per cent increase from Q-3 of last year. Twiner-McCarron talks about what led...

1 day, 19 hours ago

3 min read