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Buds & Duds: Cannabis stocks ratchet it up on Thursday; Namaste Technologies soars

Cannabis stocks had a healthy day across both US and Canadian markets
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Shares of Namaste Technologies skyrocketed up 20.7% at C$2.10 in Toronto, and up 22.2% at US$1.61 in New York on Thursday

Cannabis stocks had a strong day on Thursday with most of the major players in the US and Canada on the rise.

Buds

There were a number of buds today, with Namaste Technologies Inc (CVE:N) (OTCQB:NXTTF) leading the pack after the company announced it had closed its oversubscribed bought financing deal of C$51.7 million.

Shares of Namaste skyrocketed up 20.7% at C$2.10 in Toronto, and up 22.2% at US$1.61 in New York.

The company said funds raised are expected to be used for inventory and supplies, capital improvements, expansion of e-commerce platforms and customer base.

READ: Namaste Technologies unveils massive $51 million financing deal; shares soar

Shares of OrganiGram Holdings Inc (CVE:OGI) boosted 12.6% today at C$5.63.

Weekend Unlimited (CSE:YOLO) had a strong day, with shares up 5.1% at C$0.20. 

The company announced today its Northern Lights Organics Farm has moved a step closer to receiving organic certification.

READ: Weekend Unlimited hails Northern Lights Organics' progress towards organic certification

The farm, in Fort St James in British Columbia, was given the once-over by the Pacific Agricultural Certification Society and qualified as “third-year transitional stage."

Duds

There were not too many duds on Thursday, however, MedMen Enterprises Inc (CSE:MMEN, OTCQB:MMNFF) shares bucked the trend and fell 1.1% to US$5.02. Shares were down 2.7% at C$6.57 in Toronto. 

The company saw its net loss widen in the fiscal fourth quarter as its expenses mounted despite seeing robust sales at its California stores.

In the three months until the close of June, the Los Angeles-based cannabis company's net loss swelled to US$78.7 million, compared with US$7.35 million in the year-ago quarter. And for the year, its net losses climbed to US$112.3 million from US$15.4 million in fiscal 2017.

READ: MedMen sees net loss deepen in fiscal 4Q as expenses climb despite robust California sales

Tilray Inc (NASDAQ:TLRY) shares were down 2.3% to US$106.75.

The North American Marijuana Index, which tracks the top cannabis stocks in the United States and Canada, was up 2.40% to US$253.76.

Contact Katie Lewis at [email protected]
Follow her on Twitter: @kelewis

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