Buds & Duds: Cannabis stocks slump again but Harvest One shines on cannabis cultivation license

After a brief respite to end last week, cannabis stocks slumped again on Monday morning across North American markets.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada sank 1.5% to 148.4 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF fell 1.7% to C$11.86, while the OTCQX Cannabis Index slipped 0.3% to 536.6 points.

Buds

Harvest One Cannabis Inc (CVE:HVT) (OTCMKTS:HRVOF) had a good start to the week after it announced it been awarded a cannabis cultivation license from Health Canada for phase one of its Mission Road facility in British Columbia.

With the Health Canada license in tow, the company can immediately begin cultivation at the site, and expects to triple its production level in Duncan, once fully completed.

Shares of Harvest One jumped 6.5% in Toronto at C$0.41 and 1.2% on OTC markets at US$0.30.

Also on the move was EnWave Corporation (CVE:ENW) (OTCMKTS:NWVCF) following news that production of its Moon Cheese line of snacks is being ramped up.

The company, which uses a proprietary drying technology to dehydrate cannabis and other agricultural products, announced Monday that its subsidiary NutraDried Food Company LLC plans to install a third large-scale 120 kiloWatt Radiant Energy Vacuum, to bolster its production capacity.

Shares of EnWave gained 4.1% in Toronto at C$1.77 and 2.2% on OTC markets at US$1.31.

Other companies on the move included Green Growth Brands Inc (CSE:GGB), up 7.2%, SLANG Worldwide Inc (CSE:SLNG), which gained 8.2%, and KushCo Holdings Inc (OTCMKTS:KSHB), up 4.8% on OTC markets.

Duds

Harvest Health & Recreation Inc (CSE:HARV) dropped 1% on Monday as it announced it had expanded its presence in California by opening a fourth dispensary in the state.

Shares of Harvest Health were trading at C$3.95 in Canada and US$2.98 on OTC markets.

Aleafia Health Inc (TSE:ALEF) also dropped in the morning before regaining ground after it said it had completed construction and secured full occupancy at its Paris, Ontario processing facility.

Its shares were trading at C$0.87 in Canada by midday.

Contact Angela at [email protected]

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Story by ProactiveInvestors