Buds & Duds: Cannabis stocks nudge up on Friday; Heritage shares soar after subsidiary strikes marketing deal

Cannabis stocks cruised higher on Friday on the back of a lacklustre week for cannabis stocks. 

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was  1.3% to 298.94. The Horizons Marijuana Life Sciences Index ETF was up 0.8% at C$20.90.

Buds

Heritage Cannabis Holdings Corp (CSE:CANN) (OTCMKTS:HERTF) shares soared after it told investors Friday that its subsidiary Voyage Cannabis Corp has struck an agreement with Cannavolve Inc to boost its sales of recreational cannabis across Canada. As part of the deal, Voyage will gain better access to a number of provincial cannabis boards.

Shares of Heritage Cannabis soared 10.5% at US$0.42 in New York and up 5.6% at C$0.57 in Toronto.

On Thursday, Heritage announced it had also struck a new deal with a syndicate of investment dealers led by Cormark Securities to increase the size of its bought-deal financing to C$15 million from C$10 million.

READ: Heritage Cannabis’s subsidiary Voyage Cannabis strikes marketing deal with Cannavolve

Another gainer of the morning was Canopy Growth Corporation (TSE:WEED) (NYSE:CGC) which soared on news that it was going to be the first cannabis stock to join S&P/TSX 60 Index.

Shares jumped 5.5% at C$56.38 in Toronto and up 5.6% at US$42.32 in New York.

S&P Dow Jones Indices said Canopy stock will replace Goldcorp Inc, with the change taking effect before trading on April 18.

Duds

Laggards on Friday included Green Growth Brands Inc (CSE:GGB), which dropped 4% at US$2.84 in New York and down 5.0% at C$3.80 in Toronto, on no news. 

Other stocks that declined included MariMed Inc (OTCMKTS:MRMD), which dropped 6.7% to US$3.76. 

TILT Holdings Inc (CSE:TILT) was on the decline, down 2.5% at C$2.31. 

Contact Katie Lewis at [email protected]

Story by ProactiveInvestors