Buds & Duds: Cannabis stocks nudge lower but Empower Clinics soars on new joint venture with Heritage Cannabis

Cannabis stocks eased slightly on Tuesday as shares remained quiet across US and Canadian markets.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, lost 1% to hit 178.1 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF eased 0.3% to C$14.56, while the OTCQX Cannabis Index fell 0.7% to 641.1 points.

Buds

A big gainer on Tuesday was Empower Clinics Inc ((CSE:CBDT) (OTCMKTS:EPWCF) after announcing it had signed a joint venture partnership with Heritage Cannabis Holdings Corp (CSE:CANN) (OTCMKTS:HERTF) to produce hemp-derived CBD oils and formulated products for Empower’s health clinics in Washington State, Oregon, Nevada and Arizona.

Steven McAuley, Empower’s CEO, said that moving forward with Heritage allows the cannabis company to execute its growth strategy more quickly and efficiently.

“We will expand our clinics and CBD product offerings throughout the US via our franchise model, as we aim to become a significant part of the cannabis wellness marketplace,” McAuley said in a statement.

Canadian licensed producer Weekend Unlimited Inc (CSE:POT) (OTCMKTS:WKULF) also jumped higher on Tuesday after announcing it is launching its lifestyle-themed brand of cannabis products in Oklahoma, the second US state for the company in as many months.

The move into another US market builds on its recent launch in Washington State, the company said in a statement. The Sooner State launch will kick off with the introduction of a new WKND THC edibles product line, the company said, in addition to the flower cannabis products on the market in Washington.

Weekend Unlimited shares ran 8.3% higher in Canada at C$0.07 and were 6.3% higher on OTC markets at US$0.04 on Tuesday morning.

Also on the move was Terra Tech Corp (OTCMKTS:TRTC), which soared over 15.8% at US$0.41 after it announced a US$20 million share buyback program.

Duds

Eurolife Brands Inc (CSE:EURO) lost 9.1% in Canada to sit at C$0.10 after announcing it has appointed Alan Cooke as a strategic advisor with a focus on expanding the brand across Europe and South America. Shares, however, were up 4.1% on OTC markets in the US at US$0.08.

Trulieve Cannabis Corp (CSE:TRUL) (OTCMKTS:TCNNF) sank nearly 4% in both Canada and the US after announcing yesterday that it opened the doors of a new dispensary in Key West, the company’s 33rd physical storefront in Florida.

Contact Angela at [email protected]

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Story by ProactiveInvestors