Cannabis stocks fell sharply on Monday across North American markets.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was down 4.2% at 110.9 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF sank 2.5% at C$.91, while the OTCQX Cannabis index fell 5.6% to 444.6 points.
Every big-name cannabis company was in the red despite no new news.
Of the companies with announcements, TerrAscend Corp (CSE:TER) sank 3.5% in Canada and 3.3% over the counter after it told investors it has terminated its previously announced acquisition of Gravitas Nevada Ltd, a vertically integrated cannabis business in Nevada.
The Toronto-based company paid a C$3 million reverse termination fee to the sellers, which had been placed in escrow in June 2019.
Shares of TerrAscend traded at US$2.08 and C$2.77 on Monday morning.
Tetra Bio-Pharma Inc (CVE:TBP) was also down 4% in Canada to C$0.48 after it announced an upsizing of a previously disclosed offering of C$15.5 million. The company said gross proceeds will now come to around C$17.9 million.
The firm also sank 6% over the counter, trading at US$0.36.
A handful of companies were trading higher in the morning.
Exports are planned to commence in mid-2020 following completion of necessary product range regulatory protocols, the firm said in a release, and minimum total volume under the agreement is approximately 30,000 kg over the three-year period.
Also inching higher was Codebase Ventures Inc (CSE:CODE), which rose 20% at C$0.03 after announcing its subsidiary Titan Shrooms & Psychedelics Inc’s investment in the Netherland’s Red Light Holland Corp.
"Titan's initial investment is the first step in building a portfolio to give our shareholders a front-row seat to the mushrooms and psychedelics sector as it builds significant momentum,” director Brian Keane said in a statement.
Contact Angela at [email protected]
Follow her on Twitter @AHarmantas