Cannabis stock continued to sputter this week in the wake of Cannabis 2.0, as edibles, beverages and other derivative products became available in Ontario.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, fell 2.6% at 113.2 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF lost 1.1% at C$8.19, while the OTCQX Cannabis Index retreated 2.6% to 440.9 points.
1933 Industries Inc (CSE:TGIF) (OTCMKTS:TGIFF) shares rose in Canada after the company announced a new manufacturing and cultivation operation in California.
The Vancouver-based company plans to begin manufacturing its line of proprietary CBD wellness products for sale in California dispensaries and debut its Alternative Medicine Association-branded THC products.
Shares traded 2.5% higher at C$0.21 on the CSE.
General Cannabis Corp (OTCMKTS:CANN) was another green dot in a sea of red, gaining ground after signing a non-binding term sheet to acquire cannabis retail platform Hälsa Holdings Inc.
According to a statement released Tuesday, the acquisition will enable General Cannabis to acquire three dispensaries in California. The deal is expected to close in the first quarter of 2020.
The company's stock increased 3.3% to US$0.63.
CannaRoyalty Corp, which does business as Origin House (CSE:OH) (OTCMKTS:ORHOF), dropped after the company announced after the bell Monday that it obtained a final order from the Ontario Superior Court of Justice approving its plan to be acquired by Cresco Labs Inc.
The deal, originally announced in April 2019, is expected to close in the next few days, according to a statement.
Shares traded 2.8% lower at C$5.52 in Toronto and 3.8% lower at US$4.20 in New York.
Plenty of other cannabis companies also struggled Tuesday.
iAnthus Capital Holdings Inc (CSE:IAN) (OTCMKTS:ITHUF) lost 7.7% to trade at C$1.79 on the CSE and 10% to US$1.37 on OTC Markets; CannTrust Holdings Inc (TSE:TRST) (OTCMKTS:CTST) dropped 7.8% to C$1.41 on the TSX and 7.6% to US$1.09 on the OTC Markets; and HEXO Corp (TSE:HEXO) (NYSE:HEXO) fell 5.3% to C$1.80 on Bay Street and 5.8% to US$1.39 on Wall Street
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