Buds & Duds: Cannabis stocks in the green; CB2 Insights gets boost from former Johnson & Johnson executive

Cannabis stocks inched higher across all three indices on Wednesday.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, rose 1.2% to hit 213.7 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF added 1.2% to C$16.33, while the OTCQX Cannabis Index was up 0.9% to 712.7 points.

Buds

CB2 Insights (CSE:CBII) (OTCQB:CBIIF), the medical cannabis analytics company, got a bump in price after adding new talent to its board of directors in the form of retired Johnson & Johnson (NYSE:JNJ) executive Peter Cummins.

Cummins worked for more than two decades at Johnson & Johnson in a variety of executive roles, overseeing research and development, external innovation, regulatory affairs and other areas over the course of his career.

Shares of CB2 rose 7.9% on Wednesday to C$0.21.

Also rising was Cannvas MedTech Inc (CSE:MTEC) (OTCMKTS:CANVF), which reported a share exchange deal with 1216165 BC Ltd, better known as True Focus International, to get the exclusive rights to market its suite of products, and at the same time announced plans to change the company’s name to Eurolife Brands Inc.

The Vancouver digital cannabis education and analytics company will receive access to True Focus International’s intellectual property portfolio across South America and parts of Europe for 10 years.

Cannvas shares were up 2.2% at C$0.24 during morning trading in Canada.

Harvest Health & Recreation shares also jumped 5.3% to C$7.18 after announcing it had secured a US$225 million loan from Torian Capital Partners to help fund its expansion plans across key markets in the US.

Duds

Not all cannabis stocks were in the green on Wednesday. Canopy Growth Corp (TSE:WEED) (NYSE:CGC) lost nearly 0.5% at C$43.67 ahead of announcing its 1Q 2020 financial results, the last quarter under founder and former CEO Bruce Linton’s leadership.

Also down was Canadian retailer Choom (CSE:CHOO) (OTCMKTS:CHOOF), which announced a change in leadership with incoming president Corey Gillon taking the reins of the cannabis company.

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Story by ProactiveInvestors