Cannabis stocks were enjoying a strong showing on Wednesday, with most of the major players in the US and Canada on the rise.
The North American Marijuana index, which tracks leading cannabis stocks, jumped by 1.3% to hit 284.91, echoing the rise of broader markets.
There were a number of buds today with Tilray (NASDAQ:TLRY) leading the pack after the company announced it is paying C$419 million to buy Manitoba Harvest, which bills itself as the world’s largest hemp food manufacturer. The deal, which is Tilray’s most expensive to date, allows the Nanaimo, British Columbia-based company to forge ahead in the lucrative market for cannabidiol (CBD), which is now legal in the US, thanks to the passage of the US farm bill. Shares of Tilray added 5.6% to hit $81.36 in New York trading.
Weekend Unlimited was also having a pretty great day, with shares up 6.8% at C$0.12. The company announced that it is finally formally venturing into the exciting Jamaican cannabis market – after striking a deal to buy R&D Pharma’s Jamaican assets. Located not far from Ocho Rios, the new Weekend property Tropicann Jamaica spans 98 acres, 60 acres of which are usable for cultivation.
KushCo Holdings (OTCMKTS:KSHB) was also trading higher, with its stock up 0.5% at $5.88.The Garden Grove, California-based cannabis holding company this week shook up its advisory board by adding Danny Moses, a private investor and entrepreneur who was written about by Michael Lewis in “The Big Short”. Tim Seymour, chief investment officer of Seymour Asset Management, was also tapped.
There were not too many duds on Wednesday, however, Wayland Group (OTCQB:MRRCF) (CSE:WAYL), formerly known as Maricann, bucked the trend and fell 3.4% to $0.87. The Toronto company is now completing a third harvest in Langton, Ontario and reported revenues of C$1.305 million in the fourth quarter, according to a shareholder update. Looking ahead, Wayland expects sales of C$2.7 million in the first quarter; $6.9 million in the second quarter; $7.7 million in the third quarter; and $20.6 million in the fourth quarter.
Also trading lower on no reported news were MariMed Inc (OTCQB:MRMD), which fell 1.9% to $3.71, and Canopy Rivers (CVE:RIV), Canopy Growth’s investment arm spinoff, which shed 2.6% in Canadian trading to hit C$4.87.