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Buds & Duds: Cannabis stocks look strong Monday as recreational marijuana legalization looms

Shares of Tilray soared on the news that its subsidiary High Park Farms, which sells Marley Natural, the official weed brand of Bob Marley, has received a much-coveted sales license from Health Canada
cannabis tablet
Shares of Canntab jumped on the news that the cannabis tablet maker has signed a distribution and supply deal with Colombian group NewCanna SAS

Cannabis stocks were primarily in the green today across US and Canadian markets. 

There are 11 trading days left until recreational cannabis is legalized in Canada, and it looks like it’ll be quite the ride in the run-up to October 17.  

Buds

Pot pill maker Canntab Therapeutics (CSE:PILL) shares soared 7.5% at C$1.86 on the back of news that the company has signed a non-binding letter of intent with NewCanna SAS of Bogota, Colombia.

The letter of intent (LOI) will grant NewCanna the right to sell and distribute certain of Canntab's exclusive proprietary products, and the right to use its knowledge and patents.

WATCH: Canntab Therapeutics strikes distribution and supply deal with Colombian group NewCanna

"We welcome this key development in our business plan and the opportunity to rapidly expand into the many potential markets for Canntab products worldwide," said Jeff Renwick, Canntab's chief executive.

CBD-focused Isodiol International Inc (CSE:ISOL) (OTCMKTS:ISOLF) also saw its shares jump on Monday. 

Shares were up 9.2% at C$4.04 in Toronto and up 10.8% at US$3.20.

Last week, model-turned-entrepreneur Kathy Ireland announced she was partnering with Isodiol to create a line of CBD products under the new kathy ireland Health & Wellness brand.

READ: Level Brands shares climb higher after public offering, launch of CBD product line

Other movers Monday included Tilray Inc (NASDAQ:TLRY), which saw its shares rocket up 14.9% to US$164.98 on the back of news that the company's subsidiary High Park Farms received a sales license from Health Canada under the Access to Cannabis for Medical Purposes Regulations (ACMPR). 

READ: Tilray shares jump after its subsidiary gets sales license from Health Canada

According to a release by Tilray, the licence "will allow High Park Farms to supply and sell finished cannabis products within the ACMPR as well as sales in anticipation of the launch of the adult-use market in Canada upon its legalization on October 17, 2018."

High Park sells Marley Natural, the official weed brand of Bob Marley and also has an intent to serve the recreational market. 

Duds

The Green Organic Dutchman Holdings Ltd (TSE:TGOD) (OTCMKTS:TGODF) saw its shares drop Monday, down 5.8% at US$5.24 in New York and down 6.4% and C$6.75 in Toronto. 

The company announced a C$75 million bought deal Monday.

Shares of MPX Bioceutical Corp (CSE:MPX) (OTCQB:MPXEF) were down Monday. The company is focused on the medical and adult use cannabis markets and has a presence in Arizona with Massachusetts, Nevada, and Maryland.

Shares were down 3.0% at C$0.96 in Toronto and down 1.6% at US$0.76 in New York.

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