leadf
logo-loader

Buds & Duds: Cannabis stocks perk up; Namaste soars on new processing license

New product formats will be added to Namaste's e-commerce website CannMart.com and offered through provincial cannabis stores

cannabis plant green arrow
On the move were TerrAscend, Aurora and Benchmark Botanics

Cannabis stocks perked up on Monday after last week’s run of losses.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, gained 2.4% at 115.4 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF jumped 3.6% at C$8.55, while the OTCQX Cannabis index rose 2% to 455.4 points.

Buds

Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) soared on Monday after it announced that Choklat Inc, a craft chocolate manufacturer and chocolatier in which Namaste holds a 49% equity, has received a processing license from Health Canada to produce a line of chocolate bars, drink mixes and infused sugar.

New product formats will be added to Namaste's e-commerce website CannMart.com and offered through provincial cannabis stores in authorized markets.

Investors welcomed the tasty news, pushing up Namaste's stock 16.4% to US$0.30 on the OTC markets in New York and 13% to C$0.39 in Canada.  

Canadian firm TerrAscend Corp (CSE:TER) also gained after it closed an upsized US$33.5 million private placement to fast track its acquisition of a cultivation and processing facility in New Jersey. TerrAscend shares rose 4.4% in Canada at C$2.83 and 4.8% over the counter at US$2.20.

Duds

Aurora Cannabis Inc (TSE:ACB) (NYSE:ACB) continued to slide Monday after Friday’s analyst downgrades. Shares slipped nearly 2% in Toronto at C$2.11 and 1.2% in New York at US$1.63.

Also falling was Benchmark Botanics Inc (CSE:BBT), which saw shares sink 14.6% at C$0.35 on no new news. The Canadian company received its second cultivation license for its British Columbia facility in December.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

Add related topics to MyProactive

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

NO INVESTMENT ADVICE

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 Namaste Technologies Inc named herein, including the promotion by the Company of Namaste Technologies Inc in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

Canntab Therapeutics achieves major milestone receiving first U.S. patent...

Canntab Therapeutics (CSE: PILL-OTCQB: CTABF) CEO Larry Latowsky joined Steve Darling from Proactive Vancouver with news the company has secured protection for their intellectual property receiving a U.S. patent for “Modified Release Multi-Layer Tablet Cannabinoid Formulations.” Latowsky...

2 hours, 15 minutes ago

2 min read