Buds & Duds: Cannabis stocks level out Thursday; Next Green Wave shares pop on launch of CBD pet product

Cannabis stocks levelled out Thursday after Wednesday’s carnage, which saw cannabis stocks dip broadly across North American markets. 

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was down 0.5% to 295.95 by Thursday midday. The Horizons Marijuana Life Sciences Index ETF was down 1.4% at C$21.38.

Buds

Next Green Wave (CSE:NGW) (OTCMKTS: NXGWF) shares popped on Thursday on the back of the company’s launch of its first pet product, Loki Love Biscuits. 

Shares Next Green Wave were up 4.8% at C$0.65 in Toronto and up 4.8% at US$0.49 in New York. 

“We are excited to be launching our first CBD pet product through our brand partner, Loki the Wolfdog,” stated Leigh Hughes, CEO of Next Green Wave. “Loki has millions of loyal global social media followers, along with the type of exposure that can help us deliver our line of premium pet treats to the target market and enable us to immediately move into revenue operations.”

WATCH: Next Green Wave brings first CBD product to market with Loki Naturals Love Biscuits

Nextleaf Solutions Ltd (CSE:OILS) shares were also soaring on Thursday, on the back of news that the company has nabbed a US patent for processing CBD. According to the firm, it’s the first publicly traded company to be issued a US patent for the extraction and purification of cannabinoids.

“Nextleaf Solutions has succeeded in beating big pharma, big tobacco, big alcohol, and every single billion-dollar cannabis company to the first issued patent for the extraction and purification of cannabinoids,” said Paul Pedersen, CEO in a statement. 

READ: Nextleaf says US patent granted for cannabinoid extraction from marijuana and hemp

“We believe companies that can develop and protect valuable intellectual property will benefit substantially in the long-term, especially in an industry as young as the cannabis industry,” he added. 

Shares were up 7.7% at C$0.35 in Toronto. 

Duds

CannTrust Holdings Inc (OTCMKTS:CNTTF) (TSE:TRST) shares slipped Thursday after it missed estimates with its 4Q financials. Shares were down 17.8% at US$8.25 in New York and off 17.7% at C$11.07 in Toronto. 

The licensed producer reported record net revenues of $16.2 million during the three-month period ended Dec. 31, up 132% from a year earlier, however, posted a fourth-quarter net loss of $25.5 million compared to a $6.3 million during the same period in 2017.

Other laggards Thursday included Canopy Growth Corp (TSX:WEED) (NYSE:CGC), which was down 1.9% at C$56.40 in Toronto, and down 2.1% at US$42.00 in New York.

On Wednesday, it announced it was adding a cannabis brand founded by Vancouver natives Seth Rogen and Evan Goldberg. Houseplant, which the pair debuted on Wednesday, will have its first strain available in British Columbia starting in April.

Contact Katie Lewis at [email protected]

Story by ProactiveInvestors