Buds & Duds: Aurora gains as Cowen impressed with Nelson Peltz investment
The cannabis sector did well Friday, as US markets moved toward a positive week.
The North American Marijuana Index, which tracks leading cannabis stocks in the US and Canada, improved 0.7% to 291.6.
Buds
Aurora Cannabis Inc (NYSE:ACB) (TSX:ACB) extended its gains after heavy-hitting Cowen analyst Vivien Azer reiterated her Outperform rating for the stock Friday. Azer said the medical cannabis company’s recent partnership with activist investor Nelson Peltz will “help accelerate performance,” according to a Barron’s report.
The share price advanced 3.9% to US$9.34 and climbed 4.4% to C$12.44 in Toronto.
1933 Industries Inc (CSE:TGIF) (OTC:TGIFF) rose after announcing the closing of a C$4.5 million private offering. The cannabidiol wellness products company issued 10 million shares at C$0.45 per share to a single buyer: entrepreneur and cannabis investor Paul Rosen. The Vancouver-based company plans to use the proceeds as general working capital.
Shares are up 3.9% to C$0.53 on the CSE and gained 7% to US$0.40 on the OTC Markets.
MedMen Enterprises Inc (CSE:MMEN) (OTCQX:MMNFF) announced Thursday that it sold two properties, earning $30.6 million in net proceeds. The properties include a storefront in Las Vegas and a production facility in Desert Hot Springs, California. The cannabis retailer plans to invest proceeds into its growth initiatives, CEO and co-founder Adam Bierman said.
The stock rose 1.9% to C$3.80 on the CSE and increased 1.5% to US$2.85 in OTC Markets trading.
Harvest One Cannabis Inc (CVE:HVT) (OTCMKTS:HRVOF) said that its Dream Water subsidiary has new supply agreements with Walmart Inc (NYSE:WMT) and Kroger Co (NYSE:KR). The lifestyle company’s liquid sleep aid is available in 30,000 stores in the US and Canada.
Investors were resting easy, raising the share price 8.5% to C$0.77 in Canada and pushing it up 6.3% to US$0.58 on the OTC Markets.
Duds
Aphiria Inc (NYSE:APHA) fell 0.4% to US$9.48.
Canopy Growth Corp (NYSE:CGC) slipped 0.1% to US$45.38.
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/216581/buds--duds-aurora-gains-as-cowen-impressed-with-nelson-peltz-investment-216581.html
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