Buds & Duds: Cannabis stocks cruise; WeedMD perks up on news of first Pioneer Cannabis retail store

Cannabis stocks rolled into Wednesday on the back of boosts yesterday, after a volatile few weeks. 

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was up 0.8% to 288.28 on Wednesday. The Horizons Marijuana Life Sciences Index ETF was up 0.4% at C$20.06.

Buds

There were a host of buds on Wednesday, as cannabis stocks continued to rise after Tuesday’s gains. 

WeedMD (CVE:WMD) (OTCMKTS:WDDMF) shares nudged up on Wednesday after it announced Pioneer Cannabis Corp, a Canadian cannabis retail service provider set up by WeedMD, has struck a licensing agreement with Guruveer Sangha, the Ontario cannabis retail lottery winner who will be the owner and operator of the first Pioneer Cannabis retail store in Burlington, Ontario.

Pioneer Cannabis is a collaboration between WeedMD, a cannabis producer, and Pita Pit Canada, a privately-owned Canadian fast-franchise eatery with more than 225 stores in Canada.

Shares were up 1% at C$1.40 in New York and up 1% at C$1.86 in Toronto.

READ: WeedMD’s Pioneer Cannabis strikes deal with Ontario cannabis entrepreneur to open first retail store

The Green Organic Dutchman Holdings Inc (TSE:TGOD) (OTCMKTS:TGODF) shares were up Wednesday, up 1% at C$3.99 in Toronto and up 1.1% at US$3 in New York. Yesterday, the company presented at the GMP Cannabis Conference 2019, where 700 cannabis industry executives gathered at the event to discuss the evolution of the sector post-Canadian legalization, while looking to the future and the potential of the biggest market south of the border: the United States.

TGOD focuses on premium certified organic cannabis and has had a rocking start to 2019, with shares up almost 40%. 

Other gainers Wednesday also included MariMed Inc (OTCQB:MRMD) which  soared 11.7% at US$3.83 in New York.

MariMed shares dropped yesterday, but surged on Wednesday after the company released its 4Q and annual financials, in which it reported annual revenue of US$11.85 million, up from the US$6.07 million reported in 2017.

The company’s net loss for the year was US$13.6 million, or US$0.71 per share. 

Aurora Cannabis was also gaining, on news that it will buy a remaining interest in Hempco Food and Fiber. Shares popped, up 1.2% at US$8.99 in New York, up 1.4% at C$11.99 in Toronto. 

Aurora said it will acquire the remaining 48% of Hempco Food and Fiber Inc. that it does not already own through an exchange of shares, priced at $1.04 per Hempco share, payable in Aurora shares.

Duds

Aphria Inc (TSE:APHA) (NYSE:APHA) continued to slide Wednesday after the Canadian producer swung to a loss in its fiscal third-quarter despite posting sharply higher revenue, which it reported on Monday. 

Shares were down 4.7% at C$11.03 in Toronto and slid 4.8% at US$8.27 in New York.

Other laggards Wednesday included Auxly Cannabis Group Inc (CVE:XLY) (OTCMKTS:CBWTF), which has been struggling after the cannabis company reported its fiscal fourth-quarter and annual earnings a few weeks ago. 

Shares were down 3.6% at C$0.80 in Toronto and down 3.2% at US$0.61 in New York. 

Contact Katie Lewis at [email protected]

Story by ProactiveInvestors