Cannabis stocks had a strong day on Thursday with most of the major players in the US and Canada on the rise.
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.
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.
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."
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.
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.Join Proactive’s Crypto, Blockchain and Cannabis Telegram group here