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Buds & Duds: Cannabis stocks lose ground; Weekend Unlimited CEO rewarded with contract extension

Cannabis stocks were down across the board on Monday after last week’s mass exit of big-name pot CEOs

share board
Shares of Aurora continued to lose ground after last week's departure of CEO Terry Booth

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.

Buds

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.

Duds

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.

Acreage assured shareholders in a release that the deal will not dilute giant Canopy Growth Corporation’s (TSE:WEED) (NYSE:CGC) stake in the firm.

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.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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