Cannabis stocks rebounded in a big way on Wednesday as all major indices were trending higher across North America.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, grew 4.6% at 114.8 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF was up 5.3% to C$9.31, while the OTCQX Cannabis gained 6% at 466.7 points.
If financial results are anything to go by (and for most investors, they should be), US multistate operators are clearly outperforming their northern neighbours.
Curaleaf Holdings Inc (CSE:CURA) (OTCMKTS:CURLF) reported its 3Q results last night after the bell that showed the cannabis group increased its revenue by 189%, at US$62 million, and narrowed its net loss to US$7.4 million from US$36 million during the year-ago quarter.
Although Curaleaf’s results missed analyst expectations, it joins fellow US multistate operator Trulieve Cannabis Corp (CSE:TRUL) in posting strong revenue figures in a sign that the pot sector in the 50 states is alive and well.
Shares of Curaleaf flew 11.4% higher in Canada at C$8.13 and 10.7% higher over the counter at US$6.09.
Fellow US company Exactus Inc (OTCMKTS:EXDI) was in the green as it entered into a supply and distribution agreement to provide hemp company Ceed2Med a minimum of 10,000 lbs of 2019 harvested flower.
Exactus was up 11.1% at US$0.60.
To the north, Nextleaf Solutions Ltd (CSE:OILS) (OTCMKTS:OILFF) shares moved 8.6% in Canada at $0.32 and 4.3% higher over the counter at US$0.24 after it was granted two patents for the industrial-scale extraction of CBD and THC.
Also seeing big gains on no new news was WeedMD Inc (CVE:WMD) (OTCMKTS:WDDMF), up 7.8% at C$1.10 and 5.7% to US$0.81, and The Green Organic Dutchman Holdings Ltd (TSE:TGOD) (OTCMKTS:TGODF), which rocketed 16.4% higher at C$0.85 and 16% up at US$0.63.
It was a rare day with very few duds.
Among the companies trending downwards included MariMed Inc (OTCMKTS:MRMD), which lost 1.9% at US$0.80; CV Sciences Inc (OTCMKTS:CVSI), down 5.7% at US$1.16 and GW Pharmaceuticals plc (NASDAQ:GWPH), down 2.1% at US$101.43.
Contact Angela at firstname.lastname@example.org
Follow her on Twitter @AHarmantas