Cannabis stocks inched higher on Tuesday in a small sign of life for the marijuana sector across North America.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, gained 1% at 112.1 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF was up 3.3% to C$8.71, while the OTCQX Cannabis grew 1.2% at 448.7 points.
Adding Alberta, Manitoba and Nova Scotia gives the organic cannabis company access to more than 340 new retail stores, on top of its current 24 stores in Ontario.
The Toronto-based company said it is on track to distribute nationally in 1Q 2020.
Shares gained 9.2% in Toronto at C$0.71 and 10.1% over the counter at US$0.54.
After a week of earnings to forget, Trulieve Cannabis Corp (CSE:TRUL) (OTCMKTS:TCNNF) bucked the disappointing trend by posting higher-than-expected third-quarter revenue of nearly US$71 million, beating analyst expectations of US$65 million.
The US multistate operator is based in Florida, a robust cannabis state. The company opened six additional dispensaries in the state during the three-month period.
Shares of Trulieve moved 3.2% higher in Canada and 3.5% higher over the counter at C$15.42 and US$11.69, respectively.
Also up after a tough few days was Hexo Corp (TSE:HEXO), up 10% in Toronto and New York at C$2.32 and US$1.75, respectively.
MedMen Enterprises Inc (CSE:MMEN) continued to fall on Tuesday, losing 12.2% in Canada at C$0.86 and 13.6% over the counter at US$0.66. The company announced earlier that it is cutting its workforce by 20% and shedding non-core assets as the pot retailer’s business continues to struggle.
Also in the red on Tuesday morning were Ignite International Brands Ltd (CSE:BILZ) (OTCMKTS:BILZF), down nearly 7% in Canada at C$1.61 and 8.4% over the counter at US$1.20, and iAnthus Capital Holdings Inc (CSE:IAN), which lost 2.4% in Canada at C$1.66 and 3.1% over the counter at US$1.35 on Tuesday morning.