Cannabis stocks made modest gains on Tuesday, making back some ground after a disastrous Monday for North American markets across the board.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, climbed 0.6% to 96.7 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF rose 0.4% at C$8.23, while the OTCQX Cannabis index gained 0.1% to 388.1 points.
Empower Clinics Inc (CSE:CBDT) (OTCMKTS:EPWCF), a vertically integrated life sciences company, saw its shares jump after it announced plans to create a psilocybin and psychedelics division.
The company said studies are finding that psilocybin — the active agent in magic mushrooms — could treat addiction, depression, anxiety and mental health conditions like post-traumatic stress disorder (PTSD), end-of-life psychological distress.
Empower stock increased 14% to C$0.04 on the CSE and 50% to US$0.03 on OTC Markets.
Shares rose 6% to C$0.53 in Toronto.
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