Buds & Duds: Investors thankful as cannabis stocks in the green for US holiday

Cannabis investors were giving thanks for many reasons on Thursday as all major indices were in the green to start the US holiday.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, inched up 0.2% at 117.9 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF gained 1.3% to C$9.34, while the OTCQX Cannabis grew 0.5% at 450.5 points.

Buds

US markets were closed on Thursday, but a few companies north of the border made moves into positive territory.

EuroLife Brands Inc (CSE:EURO) (OTCMKTS:EURPF) updated investors about its plans to break into the thriving Swiss market following the launch of its hemp cigarette brand “HANF SWISS.”

“The country has a robust CBD marketplace and is becoming more accepting to the use of hemp and cannabis for improved health and wellness,” Derek Ivany, chairman of the company’s advisory board, said in a statement Thursday. “Initial discussions indicate the possibility of numerous upstream and downstream M&A opportunities that builds on EuroLife’s strategy outlook.”

Shares of EuroLife were up 20% on Thursday morning at C$0.06.

Also moving higher was Aleafia Health Inc (TSE:ALEF) (OTCMKTS:ALEAF) on news that the company produced the first run of medical cannabis oils, part of a newly launched international white label production service.

Aleafia’s stock was up 1.5% in Toronto at C$0.66.

Zenabis Global Inc (TSE:ZENA) also gained 14.6% at C$0.24 upon the completion of an oversubscribed rights offering that netted the cannabis company nearly C$21 million.

Duds

Westleaf Inc (CVE:WL) reported its third-quarter results on Thursday that saw the company generating operating revenue of C$1.7 million but costs of C$3.1 million for the period.

The Calgary-based company is in the midst of a proposed merger with We Grow BC, known for its Qwest brand of flower and products.

Shares of Westleaf fell 2.5% in Toronto at C$0.20.

MedMen Enterprises Inc (CSE:MMEN) (OTCMKTS:MMNFF) also found itself down 6.9% in Canada at C$0.54, part of a tough week that saw the retailer release disappointing 1Q 2020 results.

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Story by ProactiveInvestors