Cannabis stocks retreated across North America after Tuesday’s gains.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, sank 1.3% at 107.2 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF lost 0.9% at C$8.95, while the OTCQX Cannabis index decreased by 1.1% to 444.8 points.
A few cannabis companies were in the green on Wednesday, but just barely.
MediPharm Labs Corp (TSE:LABS) (OTCMKTS:MEDIF) inched a couple of cents higher for a 0.7% gain in Canada to trade at C$2.86 and echoed those gains over the counter to trade at US$2.16. The firm was recently granted a license to import cannabis into Australia.
As for small caps, Bhang Inc (CSE:BHNG) (OTCMKTS:BHNGF) saw a two-cent gain, or 16.7%, after its subsidiary Red Ace Organics announced a partnership with US swimmers Ashley Twichell, Jacob Pebley and Tom Shields regarding the face of Red Ace’s natural beetroot drinks.
Bhang has a portfolio of over 100 cannabis, hemp-derived CBD and terpene products.
Shares of the firm were trading at C$0.18 on Wednesday afternoon, while its stock rose 9.2% over the counter at US$0.13.
Another round of layoffs hit the cannabis sector yesterday.
Tilray Inc (NASDAQ:TLRY) was down 1.1% at US$17.95 after it was reported by BNN Bloomberg that the Canadian cannabis company was planning to lay off 10% of its staff in an effort to reach profitability. The firm currently has a workforce of over 1,400 people around the world.
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