Buds & Duds: HEXO, Weekend Unlimited lead a surging cannabis sector

Cannabis stocks are having a good day Tuesday, as Wall Street rounded back into form. 

The Marijuana Index, which tracks leading cannabis securities in North America, rose 2.1% to 296.3.

Buds

HEXO Corp (NYSE:HXO) announced Tuesday that it became the first cannabis company to join the Food & Consumer Products of Canada, an association that represents companies that manufacture and distribute in Canada.

The Gatineau, Quebec-based company hopes that the membership will allow them more meetings with industry leaders and shape the business environment, the company said in a statement.

“HEXO is thrilled to be the first cannabis company to join the Food & Consumer Products of Canada, an established and industry-leading association in the consumer-packaged goods space,” CEO and co-founder Sébastien St. Louis said.

The share price gained 1.3% to $5.62.

Weekend Unlimited Inc (CSE:POT) (OTCQB:WKULF) opened its global headquarters in New York City, the company announced Tuesday. The cannabis investment firm is based in Vancouver, but its CEO lives in New York.

“Since our growth strategy is focused on product development and sales for recreational cannabis use across the United States, it is important for us to establish our base in New York City for our team to accelerate business results,” CEO Paul Chu said.

The stock got a 3.9% boost on the CSE.

READ: Weekend Unlimited opens its global headquarters in the Big Apple

KushCo Holdings Inc (OTCQB: KSHB) entered an agreement with IKEO Corp to produce compostable and biodegradable packaging products for cannabis and CBD products, the company announced Tuesday. IKEO will work with KushCo to develop environmentally-friendly packaging unique to the cannabis industry, the company said.

“It’s our responsibility to reimagine our products today to ensure the viability of our planet tomorrow,” CEO Nick Kovacevich said. “Customers are demanding an environmentally conscious solution for their everyday packaging needs. Partnering with [CEO] Bob Meers and IEKO is a huge win for us.”

Investors appreciated the environmental effort, sending the stock up 1% to $5.83.

Duds

Generation Alpha (OTCMKTS:GNAL) plunged 12.8% to $0.34 on no news. Meanwihle, MariMed Inc (OTCQB:MRMD) shares dipped 2.2% to $3.79.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Story by ProactiveInvestors