Buds & Duds: Cannabis stocks tank after weeks of losses, CannTrust continues to slide
Friday was not a day of rest and relaxation for cannabis stocks, which saw steep slides across North American on the back of a challenging few weeks.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, dropped 3.5% to 216.9 points on Friday. The Horizons Marijuana Life Sciences Index ETF was down 4.5% to C$16.64. The OTCQX Cannabis Index sank 3.4% at 678.1 points.
Duds
The duds led the way on Friday, with most cannabis stocks losing ground.
CannTrust Holdings Inc (TSE:TRST) (OTCMKTS:CNTTF) shares tumbled sharply Friday, down by double-digits as the company continued to scramble after it was dinged by Health Canada for growing cannabis in grow rooms that didn’t have a licence to operate at its Pelham, Ontario facility.
Shares dropped 12.9% at C$3.52 in Toronto, down 13.3% at US$2.70 in New York on Friday. Shares have dropped more than 50% in a week in Canadian trading.
Yesterday, the firm put a voluntary hold on the sale and shipment of all cannabis products as a precaution while Health Canada visits and reviews its Vaughan, Ontario manufacturing facility.
Under Canadian law, Health Canada could respond to the non-compliance in a number of ways, which could include suspension or cancellation of a federal licence, or a fine up to C$1 million.
READ: EXCLUSIVE: Ex-Canopy Growth co-CEO Bruce Linton reflects on his termination and where he’s now focusing his efforts
Other laggards Tuesday included Canopy Growth Corporation (TSE:WEED) (NYSE:CGC), a week after Bruce Linton, former co-CEO, told media he was fired from the Canadian cannabis company he founded in 2013.
Shares lagged on Friday, down 7.3% at C$44.93 in Toronto and down 7% at US$34.47 in New York.
Buds
Cannabis One Holdings Inc (CSE:CBIS) (OTCMKTS:CAAOF) shares weree up Friday after it announced that through its wholly owned subsidiary, it has executed a share purchase agreement to acquire all the securities of Green Lady IP Inc.
Shares were up 3.4% at US$0.52 in New York.
The Denver-based cannabis company said Green Lady provides infrastructure services to three dispensaries operated by Green Lady Inc and Green Lady Westside Inc with two locations in Olympia and one in Lynnwood in Washington State.
READ: Cannabis One Holdings to acquire Green Lady IP to enlarge Pacific Northwest footprint
Other gainers Friday included Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF), which was up 2% at C$0.52 in Toronto.
Yesterday the firm announced that it has signed a new agreement to incorporate the company’s integrated telemedicine application into a clinical referral platform.
ARBR (2103486 Alberta Ltd) is a web-based tool to help pharmacists and clinicians facilitate and support patients seeking medical cannabis.
Contact Katie Lewis at [email protected]
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/223843/buds--duds-cannabis-stocks-tank-after-weeks-of-losses-canntrust-continues-to-slide-223843.html
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