It was a rise and shine kind of Tuesday for cannabis stocks. Marijuana stocks had strong momentum this morning then diverged as the day went on, ending the day on a fragmented note.
While it may have been a summer rally for pot stocks, many are asking when and/or if the rally will end.
For now? Cannabis stocks show no sign of slowing down.
Buds
Alliance One International Inc (NYSE:AOI) stock boosted after its wholly-owned indirect subsidiary, FIGR Inc, received permission from Health Canada to allow the sale of medicinal cannabis oils.
Shares were up a whopping 37.25% at US$23.95.
The permit was granted to a subsidiary of FIGR, Canada's Island Garden (CIG), which was given a sales license authorizing it to sell medicinal cannabis oil products.
"As the only licensed producer in Prince Edward Island, we can now participate in the derivative cannabis market by further expanding our product line for patients and offering an alternative to inhaled products," said CIG president Edwin Jewell.
READ: Alliance One International stock soars after subsidiary signs deal to sell medicinal cannabis oils
Shares of Auxly Cannabis Group Inc (CVE:XLY, OTCQX:CBWTF) and Lotus Ventures Inc (CSE:J) soared on Tuesday after it announced it had finalized an additional investment by Auxly of C$4mln to help fund Lotus’ 22,500 sq/ft facility in Armstrong, British Columbia.
Shares of Vancouver-based Auxly jumped 18.4% at US$1.03 in New York and 16.4% at C$1.35 in Toronto.
Shares of Lotus were up 14.0% at C$0.29.
Duds
Shares of MariMed Inc (OTCQB:MRMD) dropped 7.2% at US$2.69 on Tuesday. MariMed is a cannabis company that develops, owns and manages cannabis facilities as well as branded product lines.
MariMed has rallied by more than 200% in 2018.