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Buds & Duds: Marijuana stocks mixed; Australis Capital gains as subsidiary prepares to launch CocoonPod kiosks

THRIVE Cannabis Marketplace, one of Nevada’s largest cannabis retailers, ordered 32 kiosks

Cannabis stock board with cannabis leaf
The major cannabis indices were all flattish midday Wednesday

Cannabis stocks stayed mostly flat on Wednesday as North American markets began to reverse a two-day plunge at the start of the week.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, lost 0.5% to 92.4 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF rose 0.6% to C$7.91, while the OTCQX Cannabis index slid 0.9% to 367.6 points.

Buds

Australis Capital Inc (CSE:AUSA) (OTCMKTS:AUSAF) shares climbed Wednesday after announcing that its subsidiary Cocoon Technology LLC is closing in on launching its proprietary kiosks with THRIVE Cannabis Marketplace, one of Nevada’s largest cannabis retailers.

THRIVE has ordered 32 CocoonPod kiosks for eight locations, starting with a pilot location in North Las Vegas.

Australis stock increased 6.1% to C$0.26 on the CSE and 27% to US$0.23 on OTC Markets.

GrowGeneration Corp (NASDAQ:GRWG) gained ground after it acquired the assets of Healthy Harvest, the largest hydroponic operation in the Southeast region of the US.

"The Healthy Harvest acquisition is our first in 2020, adding an accretive $12 Million in revenue to our company,” CEO Darren Lampert said in a statement.

Shares of the Denver-based company jumped 6.2% to US$5.51.

Duds

GW Pharmaceuticals plc (NASDAQ:GWPH) dropped after a fourth quarter earnings miss after the bell Tuesday. The cannabinoid prescription medicine lost $0.07 per share, narrower than its $0.20 per share loss a year earlier but short of Street expectations, which called for a $0.03 per share loss. 

Despite beating on revenue and receiving positive feedback from analyst firm Oppenheimer according to Seeking Alpha, shares fell 5.7% to US$110.40.

Elsewhere, cannabis product maker Green Thumb Industries Inc (OTCMKTS:GTBIF) slipped 2.3% to $US7.68, while cultivator and processor Tilray Inc (NASDAQ:TLRY) declined 4.2% to US$15.88.

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com 

Follow him on Twitter @andrew_kessel

Quick facts: Australis Capital Inc

Price: 0.135 CAD

CSE:AUSA
Market: CSE
Market Cap: $23.05 m
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