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Buds & Duds: Cannabis stocks finish the week in positive territory; Canopy Growth delays infused beverages launch

The cannabis giant is pushing back the launch of its infused beverages by several weeks, citing delays in the scaling process

pot leaf sunlight
FSD Pharma, Curaleaf, Hexo and Organigram were also moving

Cannabis stocks finished the week strongly after three straight days of gains.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, rose 1.1% at 126.9 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF lifted 1.5% at C$9.82, while the OTCQX Cannabis index grew 2.1% to 510.7 points.

Buds

Among companies with news on Friday, Canopy Growth Corporation (TSE:WEED) (NYSE:CGC) saw a lift after announcing it was pushing back the launch of its infused beverages by several weeks, citing delays in the scaling process.

Despite the seemingly negative news, the pot giant’s shares were up nearly 1% in Toronto at C$31.95 and 1.4% in New York at US$24.63.

FSD Pharma Inc (CSE:HUGE) (NASDAQ:HUGE), which recently listed its shares on the Nasdaq, will celebrate the accomplishment by ringing the exchange’s opening bell next week. Shares of the Canadian pot producer rose 0.6% in Canada at C$8 and 0.6% in the US at US$6.10.

Curaleaf Holdings Inc (CSE:CURA) (OTCMKTS:CURLF) perked up 1.6% in Canada at C$9.66 and nearly 2% on the OTC markets at US$7.40. On Friday the company said things were progressing smoothly with regards to its Select, Grassroots and ATG acquisitions in the US.

Duds

Hexo Corp (TSE:HEXO) (NYSE:HEXO) slipped after a week of positive momentum for the stock. The firm announced a US$20 million registered direct offering to boost its working capital and help fund its research and development initiatives.

Shares of Hexo fell 7.1% in Toronto at C$2.15 and 7% in the US at US1.66.

Organigram Holdings Inc (TSE:OGI) (NASDAQ:OGI) also saw its shares ease after skyrocketing earlier this week on surprisingly positive earnings. Shares of Organigram lost 3.6% at C$4.25 and 3.7% at US$3.27.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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