Cannabis stocks were down across the board on Monday after last week’s mass exit of big-name pot CEOs.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, lost 1.4% at 100.7 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF fell 1.7% at C$8.33, while the OTCQX Cannabis index decreased by 1.7% to 416.2 points.
Last week’s headlines were dominated by the resignation of MedMen and Aurora’s CEOs, but there was one chief executive who managed to buck the trend with a contract extension.
Christopher Backus of Weekend Unlimited Industries Inc (CSE:POT) (OTCMTKS:WKULF) will stay on as the firm’s chief for another two years, the company announced on Friday.
Backus called it a “real honour” to be in the lead role as the company is poised for growth in a number of US states.
Shares of Weekend Unlimited grew 2% in Canada at C$0.25 and were up nearly 1% over the counter at US$0.18.
GrowGeneration Corp (NASDAQ:GRWG) shares bounced back after the company’s recent volatile trading history. The hemp equipment supply company saw gains of 6.6% on the Nasdaq Small Caps exchange to trade at US$6.34.
Aurora Cannabis Inc (TSE:ACB) (NYSE:ACB) continued bleeding after losing its CEO Terry Booth and announcing nearly $1 billion in writedowns on Thursday evening.
The firm’s shares lost 8% in Toronto at C$2.08 and were down 7.1% in New York to trade at US$1.58.
Elsewhere, US multistate operator Acreage Holdings Inc (CSE:ACRG.U) (OTCMKTS:ACRGF) sank after Friday’s announcement that it had secured nearly US$200 million in new funding.
Still, shares of Acreage sank 3.8% over the counter at US$5.32 and were down 3.3% on the Canadian Securities Exchange at US$5.35.
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