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Buds & Duds: Cannabis stocks in the green as North American markets find their footing

Among the breakouts was FSD Pharma, which saw its shares improve by double digits

Cannabis stocks gaining graphic
The major marijuana indices turned positive on Wednesday

Cannabis stocks recovered ground Wednesday, as North American markets showed signs of life across the board.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, gained 1.7% to 83.2 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF rose 1.8% to C$7.21, while the OTCQX Cannabis index improved 2.7% to 334.1 points.

Buds

FSD Pharma Inc (NASDAQ:HUGE) (CSE:HUGE), a pharmaceutical cannabis research company, saw its shares surge. 

The company accepted an invitation to ring the opening bell at the Canadian Securities Exchange (CSE) on Friday in celebration of becoming the first CSE-listed company to dual list on a major US exchange. 

FSD stock jumped nearly 12% to C$6.71 on the CSE and 16% to US$5.16 on the Nasdaq.

Canntab Therapeutics Limited (CSE:PILL) (OTCMKTS:CTABF) after earning a Health Canada Licence that allows them Processing & Sales for Medical Purposes.

Cannatb shares increased 7.4% to C$0.58.

Duds

There was no runaway laggard on Wednesday, but a handful of cannabis stocks were worse for the wear in the midweek.

Tilray Inc (NASDAQ:TLRY), a cannabis research, cultivation and distribution company, dropped 5.3% to US$12.33.

GW Pharmaceuticals plc (NASDAQ:GWPH), a cannabinoid pharmaceutical company, dipped 1.7% to US$100.20.

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com 

Follow him on Twitter @andrew_kessel

Quick facts: FSD Pharma

Price: 3.55 CAD

CSE:HUGE
Market: CSE
Market Cap: $52.27 m
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