Buds & Duds: Cannabis stocks mixed on Tuesday but BevCanna rises on executive appointment

Cannabis stocks were largely flat on Tuesday across major North American markets.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, inched 0.3% higher to hit 211.4 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF rose 1.4% to C$16.30, while the OTCQX Cannabis Index lost 0.2% to 706 points.

Buds

Infused beverage company BevCanna Enterprises Inc (CSE:BEV) gained ground following a management reshuffle that saw the company welcome a new finance chief.

Michael Darby joined the team effective July 29, taking the place of John Campbell who will remain in his role as chief strategy officer.

Shares flew 11.1% higher to reach C$0.35 on Tuesday morning.

Also leading the pack was cannabis producer The Green Organic Dutchman Holdings (TSE:TGOD), which jumped 6.5% to C$2.97 on no new news.

Empower Clinics Inc (CSE:CBDT) also flew 22.2% higher to C$0.11 in spite of a lack of new news.

Duds

There were a few laggards on Tuesday morning but little cause for panic among cannabis investors.

The CannTrust Holdings Inc (TSE:TRST) saga continued with news that two directors of the disgraced company sold C$6 million worth of stock after its chairman was told about unlicensed growing operations. CannTrust shares fell 1.4% at C$2.82.

Elsewhere, consumer packaged goods company SLANG Worldwide Inc (CSE:SLNG) dropped 3.8% at C$1.28 in morning trade, and cultivator TerrAscend Corp (CSE:TER) was down 1.7% to C$6.34 by midday.

Story by ProactiveInvestors