Buds & Duds: Cannabis stocks continue to make progress; TGOD shares shine on

Cannabis stocks continued to make steady gains Thursday, after a rough few weeks.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was up 1.1% to 243.9 points on Thursday. The Horizons Marijuana Life Sciences Index ETF was up 0.8% to C$18.98. The OTCQX Cannabis Index was up 2.2% at 748.1 points.

Buds

The Green Organic Dutchman Holdings Ltd (TSE:TGOD) (OTCMKTS:TGODF) shares were on the rise after it announced the launch of its Global Strategic Hemp Division to take advantage of the booming global CBD market on Thursday. 

Shares were up 2.5% at C$3.35 in Toronto, up 2.3% at US$2.54 in New York. 

The Canadian cannabis company said the new division will leverage the company’s expertise in the European hemp CBD market to fuel growth and accelerate the development and commercialization of new products across its network of international partners.

“With the global CBD market expected to hit $22 billion in less than 3 years, it is clear that the segment is drawing substantial consumer demand,” said CEO Brian Athaide. “Our team has years of direct hands-on experience in the CBD space and we are excited to use this advantage to execute on a fast-moving market expansion strategy.”

READ: The Green Organic Dutchman launches Global Strategic Hemp Division to exploit booming global CBD market

Other gainers Thursday included OrganiGram Holdings Inc (CVE:OGI) (OTCMKTS:OGRMF), which announced it has now shipped its first cannabis products to Quebec. The firm noted that it has now distributed products for sale to all 10 Canadian provinces.

Shares were up 3.5% at US$6.47 in New York. 

“We are pleased to now officially ship our products coast to coast,” said CEO Greg Engel. “Our national reach means brands such as Edison Cannabis Co. and Trailblazer are available across the country, offering a range of cannabis options for legal adult recreational cannabis consumers.”

Other gainers Thursday included Innovative Industrial Properties (NYSE:IIPR), which was up 7% at US$134.10 in New York.

The real estate cannabis investment firm announced Thursday it had amended its lease with Green Peak Industries in Dimondale, Michigan and expanded its partnership. The firm said it had made an additional US$18 million in funding available for expansion of Green Park‘s cannabis cultivation and processing facilities. 

The 56,000 sq/ft industrial building, utilized by Green Peak for cannabis cultivation and processing, was completed earlier this year. The the boost in funding, Green Peak, is expecting to develop an additional 55,000 sq/ft of industrial space to bolster its operations.

Duds

Laggards on Wednesday included Auxly Cannabis Group Inc (CVE:XLY) (OTCMKTS:CBWTF), with shares down down 2.7% at C$0.72 in Canadian trading.

The company, which has operations across Canada and Uruguay, announced its subsidiary Dosecann Inc has signed a deal with Capsugel Inc, a subsidiary of Lonza Group, to provide Dosecann with a line of equipment for capsule filling and sealing.

Terra Tech Corp’s (OTCQX:TRTC) shares were on the decline Thursday, down 4.1% at US$0.59 in New York. The firm did not release any news, however, last week said it was acquiring the remainder of the Blüm Reno dispensary and the building where the facility is located from Forever Green NV and Forever Young Investments, in Nevada.

Contact Katie Lewis at [email protected]

Story by ProactiveInvestors