Buds & Duds: Cannabis stocks on the upswing; Aurora gains as major construction projects near completion

Cannabis stocks finally saw green on Thursday, reversing a downward trend after a tough week of trading for marijuana companies.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, gained 1.2% to 148.3 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF inched 0.6% higher to C$11.77, while the OTCQX Cannabis Index gained 3% to 540 points.

Buds

Aurora Cannabis Inc (TSE:ACB) (NYSE:ACB) saw an uptick on Thursday after it updated shareholders on its global operations and growth strategy.

The Edmonton-based cannabis company said that many of the firm’s significant construction projects are nearing the completion of major milestones with significant capital investments concluded.

Shares of Aurora rose 4.1% in Canada to C$5.79 and added 4.3% in New York at US$4.33.

Other companies seeing green on Thursday included The Flowr Corporation (CVE:FLWR) (OTCMKTS:FLWPF), which was up 3.5% in Toronto at C$2.37 and 3.6% on OTC markets at US$1.78.

The medical cannabis company has had a quiet September but did announce a new executive appointment, bolstering its team with former MedReleaf Corporation vice president Ivan Latysh as chief technology officer, a newly created role.

TILT Holdings Inc (CSE:TILT) also moved higher again, jumping 25% on Thursday, regaining ground lost after an earlier drop this week.

Duds

Among the few laggards on Thursday was MariMed Inc (OTCMKTS:MRMD), which dropped 6.7% on OTC markets at US$0.84. KushCo Holdings Inc (OTCMKTS:KSHB) also sank 4.5% at US$1.68.

Others on the downswing included Ignite International Brands Ltd (CSE:BILZ), down 2.1% in Canada at C$2.30; World Class Extractions Inc (CSE:PUMP), down 7.1%% at C$0.07 and GrowGeneration Corp (OTCMKTS:GRWG), which lost 3.4% at US$4.04.

Contact Angela at [email protected]

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Story by ProactiveInvestors