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Buds & Duds: Marijuana stocks fade softly into the weekend; XPhyto gets bump from European deal

The company kicked off a partnership with the brewing institute Weihenstephan

Cannabis stocks falling graphic
The North American Marijuana Index dropped less than 1%

Cannabis stocks gave back some ground on the last day of the trading week, but overall it was a quiet day for the sector.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, dropped 0.9% to 102 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF lost 1.3% t0 C$8.71, while the OTCQX Cannabis index slipped 0.8% to 413.8 points.

Buds

XPhyto Therapeutics Corp (CSE:XPHY) (OTCMKTS:XPHYF) ticked higher as the company kicks off a European deal with the Technical University of Munich and the School of Life Sciences Weihenstephan.

The science-based cannabis company, which operates a German subsidiary, gained 3.3% on the CSE to C$2.19.

Elsewhere, cannabis consulting firm MariMed Inc (OTCMKTS:MRMD) saw shares rise 6.8% to US$0.33.

Duds

HEXO Corp (TSE:HEXO) (NYSE:HEXO) shares dipped after the company was downgraded to 'Underperform' with a $1 price target by analysts at Jefferies, according to Seeking Alpha. 

The Quebec cannabis producer saw its stock fall 1% to C41.89 on Bay Street and 0.7% to US$1.43 on Wall Street.

Meanwhile, UK biopharmaceutical cannabis company GW Pharmaceuticals plc (NASDAQ:GWPH) declined 3.9% to US$124.69.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

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