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Buds & Duds: Cannabis stocks stay green as Emerald Health Therapeutics and MYM Nutraceuticals shine

There are more buds than duds today, but Canopy Growth led the laggards after correcting its last earnings statement
cannabis plant and oil
Emerald Health Therapeutics shares popped on the launch of its Québec production subsidiary Verdélite Sciences

Cannabis stocks continued to hit highs today, as stocks rose on a host of news like new supply deals and marketing and expansion efforts.

The North American Marijuana index, which tracks leading cannabis stocks, added 0.4% to climb to 286.59.

Buds

There was a surge of green today, with gains from players including Emerald Health Therapeutics Inc (OTCMKTS:EMHTF), MYM Nutraceuticals Inc (CSE:MYM) and Brain Grid (CSE:BGRD)

Shares of Emerald Health Therapeutics were up 5.4% at $3.12 after the Canadian company announced the launch of Verdélite Sciences Inc, a Québec production subsidiary licensed by Health Canada, which produces dried cannabis. Emerald acquired Verdélite in May of 2018 and has spent over $100 million to expand it.

MYM Nutraceuticals Inc (CSE:MYM) also picked up 5.3% to hit C$0.59 as investors cheered its foray into Australia and Asia. The Vancouver cannabis company set up MYM Australia in the Asia Pacific and opened an office on the Gold Coast of Queensland. The first phase of its outreach efforts there will focus on the outdoor cultivation of 50 hectares of medical cannabis in Henty, New South Wales.

Braingrid Limited (CSE:BGRD), meanwhile, added 4.17% to hover at C$0.125. The Canadian company has struck up a new partnership with A&L Canada Laboratories. Under the terms of the three-year deal, Braingrid will serve as the mobile field lap supplier of real-time data to clients of A&L, an agriculture testing lab with a focus on cannabis. Braingrow provides growers with a sensor platform called ‘Sentroller’ so they can monitor and keep a watchful eye on their crop at all times.

Duds

There weren’t many duds, but Canopy Growth (NYSE:CGC) was leading the laggards, shedding 1.97% to hit $45.37. The Smiths Falls, Ontario-based company was not winning applause after correcting its latest earnings statement. The company has changed its adjusted EBITDA loss for the nine months ended December 31 to C$155.2 million from C$69 million.

Also trading lower on no reported news were HEXO Corp (TSE:HEXO), which fell 1.27% to C$7.780, and Tilray (NASDAQ:TLRY), which lost 1.57% to hit US$79.83.


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