Buds & Duds: Cannabis shares face harsh market conditions; Exactus shines on hemp production news

Cannabis stocks struggled across the board on Tuesday.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada fell almost 3% to 162.6 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF lost 3.6% to C$13.27, and the OTCQX Cannabis Index sank 2.6% to 607.5 points.

Duds

Hexo Corp (NYSE:HEXO) (TSE:HEXO) fell as investors engaged in some probable profit-taking. The stock gained 11% over Friday and Monday on the NYSE  after an analyst from MKM Partners initiated coverage with a Buy rating.

On Tuesday, shares dropped 5% to US$4.18 on Wall Street and 4.6% to C$5.57 on Bay Street.

Cronos Group Inc (NASDAQ:CRON) (TSE:CRON) was also lagging on the day, down nearly 6% to US$9.65 in New York and 5.5% to C$12.80 in Toronto. The company announced Tuesday that it will present at the CIBC 18th Annual Eastern Institutional Investors Conference.

Elsewhere, GW Pharmaceuticals plc (NASDAQ:GWPH) lost 5.4% to land at US$119.66; Innovative Industrial Properties Inc (NYSE:IIPR) slid 6% to US$89.83 and Aurora Cannabis Inc (NYSE:ACB) declined 4.2% to US$4.87.

Buds

But Exactus Inc (OTCMKTS:EXDI) surged more than 30% higher after announcing Tuesday that it is on track to produce more than 30,000 pounds of smokeable flower from its hemp farms, 10,000 pounds more than it originally projected. 

The CBD producer began harvesting on September 15 and plans to continue through November. The crop is healthy, the company said, and passed Oregon Department of Agriculture tests. 

Exactus stock was up 32% to US$0.76.

Other rare bright spots included MariMed Inc (OTCMKTS:MRMD) gaining 5% to US$1.06 and MYM Nutraceuticals Inc (OTCMKTS:MYMMF) improving 7.1% to C$0.23 on the CSE and 7% to US$0.17 on OTC Markets.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Story by ProactiveInvestors