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Buds & Duds: Cannabis stocks hold steady; Lexaria rises on amended agreement with Cannadips

A series of incremental gains over the past few days point to optimism creeping back into the sector

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Also on the move was Curaleaf, Bhang and Betterlife

Cannabis stocks held steady Wednesday in what could be a sign that some optimism is creeping back into the sector.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, inched 0.2% higher at 122.9 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF rose 1.8% at C$9.79, while the OTCQX Cannabis index lost 0.2% to 489.3 points.

Buds

Lexaria Bioscience Corp (CSE:LXX) (OTCMKTS:LXRP) expanded its agreement with Cannadips Cannabis, sending shares higher in North America.

The agreement sees Lexaria provide its patented DehydraTECH drug delivery technology to the cannabis punch and dip producer and encompasses Cannadips’ current presence in the California market as well as potential expansions into other US states.

Shares of Lexaria rose 4.9% in Canada to C$0.64 and 3.4% over the counter to US$0.49.

Curaleaf Holdings Inc (CSE:CURA) (OTCMKTS:CURLF) shares also sprang to life after the company said that shareholdesr had agreed to an amended lockup agreement with regards to its acquisition of Select.

The revised lock-up ensures the orderly increase in the company's freely traded shares and further reduces uncertainty regarding the release of shares, chairman Boris Jordan commented.

Curaleaf shares were up 3% in Canada at C$9.24 and 2% in the US at US$7.02.

Duds

News out of Miami on Wednesday proved that celebrities are still eager to get involved in the marijuana sector.

Bhang Inc (CSE:BHNG) (OTCMKTS:BHNGF) is bringing on Cypress Hill cofounder DJ Muggs as its chief brand strategist, contributing to the company’s creative direction and strategy.

“Muggs has been a trend setter in mainstream and underground art and music circles as well as a vocal cannabis user and legalization supporter,” Bhang CEO Jamie Pearson said in a statement.

Bhang’s shares, however, fell in the US, down 2.3% to US$0.09.

Also losing ground was BetterLife Pharma Inc (CSE:BETR) which fell 9% in Canada to C$0.10 after announcing the resignation of CEO Toni Rinow and two board members.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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