Cannabis stocks saw signs of life on Thursday, the first anniversary of pot legalization in Canada.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada rose 1.2% to 139 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF gained 1.8% to C$10.81, while the OTCQX Cannabis Index added 1.9% to 515.9 points.
Thursday also marked the first day of legal cannabis edibles in Canada, a day known as “Cannabis 2.0.”
Despite a lack of any major news, cannabis companies were trading higher in Toronto on Thursday.
The major producers led the early gainers, with companies like Aurora Cannabis Inc (TSE:ACB), Cronos Group Inc (TSE:CRON) and The Green Organic Dutchman Holdings Inc (TSE:TGOD) all trading over 3% higher.
HEXO Corp (TSE:HEXO) saw its shares rise over 9% after news hit that it is planning to launch its CBD-and THC-infused beverages with beer giant Molson Coors later this year.
Most cannabis stocks have lost at least half their market value a year on from weed legalization in the Great White North.
Supply constraints, missed revenue targets, a bungled retail rollout in Canada’s most populous province and a still-thriving black market have all conspired to take the wind out of the share prices of cannabis companies.
Related or not, most cannabis companies were quiet with their news on Thursday. Even so, a few companies lagged behind their peers in the markets.
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