Cannabis stocks across North America had a strong Friday, with broad gains across US and Canadian markets.
The North American Marijuana Index, which tracks the leading cannabis stocks in the US and Canada, was up 2.37% to 262.67.
After a tough week, shares of CBD manufacturer Isodiol International Inc (CSE: ISOL) (OTCQB:ISOLF) soared, up 24% to US$1.84.
The Vancouver-based company announced today that it would be terminating its license of the previously-announced license of the kathyireland® brand in an effort to to curb dilution and enhance shareholder value.
"At the time Isodiol entered into the license, our stock price was $13.20, and the dilutive effect of the license fee was acceptable,” said Marcos Agramont, CEO of Isodiol. “Unfortunately, our stock has not yet returned to that price, and our fixed monetary obligations to Level under the license that are payable in stock have become the equivalent of toxic debt. While we greatly respect Mrs. Ireland, the cost of dilution to our shareholders for the license is simply too great at this time.”
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Shares of Weekend Unlimited Inc (CSE:YOLO) (OTCMKTS:WKULF) also jumped Friday, up 11.5% at C$0.145. The company hosted a New York City event celebrating Governor Andrew Cuomo’s pledge to work for the legalization of recreational marijuana earlier this week -- featuring a DJ set by the rapper Snoop Dogg.
Aphria Inc (NYSE:APHA) also perked up on Friday, after releasing its second quarter earnings, up 5% at US$6.92 at Friday's close.
The company, which recently received an all-stock hostile bid from US cannabis retailer Green Growth Brands Ltd, said total revenue more than doubled to C$21.7 million (US$16.4 million).
Aphria sold 3,408.9 kilograms of cannabis, up 92% from the fiscal first quarter.
Earlier this week, TGOD announced it has appointed internist and cannabinoid expert Dr. Caroline MacCallum and Jacques Dessureault, a pharmaceutical executive, to its board.
There were few duds on Friday.
Other laggards included GrowGeneration Corp (OTCQB:GWRG), which operates specialty retail hydroponic and organic gardening stores. Share were down 3.8% at US$2.68.
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