Buds & Duds: Cannabis stocks inch lower as Valens shares soar after releasing Canadian post-legalization report
Cannabis stocks started the week slightly down on Monday, after a busy week last week that saw US lawmakers rolling out the STATES Act, which would protect the cannabis industry in legal states and the FDA setting its first hearing in regards to CBD’s legality in food and drinks in May. Not to mention, the first opening of bricks-and-mortar cannabis stores in Ontario.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was down 0.4% to 305.56. The Horizons Marijuana Life Sciences Index ETF was down 1.5% at C$21.44.
Buds
Valens GroWorks (CSE:VGW) (OTCMKTS:MYMSF) started the week on a robust note, with shares jumping 12.5% at C$3.32 in Toronto by Monday’s close.
The Kelowna-based company just launched the first-ever post-legalization study of coast-to-coast Canadian sentiment on living with nationally legal cannabis, in partnership with Resonance Consultancy.
Valens is a multi-licensed provider of cannabis products focused on various proprietary extraction methodologies, distillation, cannabinoid isolation and purification, as well as associated quality testing.
Also on the rise Monday was 1933 Industries Inc (CSE:TGIF) (OTCMKTS:TGIFF) which announced a two-year licensing agreement between subsidiary Infused MFG LLC and House of Hawk LLC for the launch of several co-branded CBD wellness products in North America.
READ: 1933 Industries, Birdhouse Skateboards launch co-branded hemp, CBD products for action-sports market
Shares were up 2% at C$0.51 in Toronto and 0.4% at US$0.38 in New York by Monday midday.
Another significant gainer Monday was New Age Beverages Corp (NASDAQ:NBEV), which was up 20% at US$5.75.
Shares of the Colorado and Utah-based organic and natural beverage company soared after it announced its first national distribution deal, with mammoth retailer Walmart Inc (NYSE:WMT).
Duds
Tilray Inc (NASDAQ:TLRY) shares continued to stumble on Monday, down 4.8% at US$56.68.
Tilray shares have had a tough 2019, down 16% so far, hampered by a variety of factors, including a supply shortage and disappointing quarterly earnings.
Other laggards Monday included Cronos Group (TSE:CRON) (NASDAQ:CRON), which was down 4.6% at US$17.56 in New York and down 5.5% at C$23.40 in Toronto as well as hemp company Isodiol International Inc (CSE:ISOL), which was down 1.9% at C$1.07 in Toronto.
Contact Katie Lewis at [email protected]
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/218172/buds--duds-cannabis-stocks-inch-lower-as-valens-shares-soar-after-releasing-canadian-post-legalization-report-218172.html
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