Buds & Duds: Pot stocks sink as CannTrust Holdings stumbles on first trading day on NYSE

Twitter icon

Cannabis stocks had a tumultuous Monday as most pot stocks took a bath in the red.

The North American Marijuana Index, which tracks top cannabis stocks in the US and Canada, was down 0.4% at 288.47.

Duds

There were more duds than buds and Cronos (NASDAQ:CRON) featured high on the list of laggards, shedding 5.9% to $20.63.

The Canadian cannabis company took a hit after Jefferies analyst Owen Bennett kicked off his coverage with an Underperform rating on the stock and a C$17 price target.

CannTrust Holdings (NYSE:CTST) also wasn’t seeing much love on its first day of trading on the New York Stock Exchange, falling 2.3% to $9.66.

CannTrust joins other big Canadian players like Aphria (NYSE:APHA), Canopy Growth (NYSE:CGC) and Aurora Cannabis (NYSE:ACB) in migrating to the NYSE after previously trading on the OTC Markets. CannTrust’s shares continue to trade on the Toronto Stock Exchange under the ticker TRST. In Canada, the company’s shares were up 0.7% at C$12.70.

Buds

WeedMD (CVE:WMD) bucked the downward trend and climbed 1.6% to hit C$1.91 in Canadian trade.

The company has won approval to supply cannabis in Saskatchewan from the province’s liquor and gaming authority.

In addition to Saskatchewan, WeedMD’s cannabis products are now on offer in Ontario, Nova Scotia, Alberta and British Columbia and will soon be available in Manitoba.

Also on the list of performers was Aurora Cannabis, which saw its shares nudge up 0.29% to US$6.98.

The company announced today that its Aurora Sky facility in Alberta and its MedReleaf Bradford plant in Ontario are now fully licensed by Health Canada for the production and sale of cannabis and related products.

The Green Organic Dutchman (TSE:TGOD) (OTCQX:TGODF) was also trading higher, adding 1% to hit C$3.73 in Canadian trade.

Late last week, the Canadian cannabis company said it is forging ahead with plans to grow its business in Jamaica. Since the Canadian cannabis company acquired a 49.18% stake in the Jamaican cannabis company Epican last June, it has made considerable advances in boosting cultivation and opening retail dispensaries across the island nation.

e-mail icon Facebook icon Twitter icon LinkedIn icon Reddit icon
Rate this article: 
Article category: 
Regional Marijuana News: