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Buds & Duds: Cannabis stocks end the week on a high note ahead of Canadian legalization

Last updated: 16:04 12 Oct 2018 EDT, First published: 15:59 12 Oct 2018 EDT

MedMen storefront

Cannabis stocks ended the week on a high note Friday with most of the major players in the US and Canada on the rise.

Buds

MedMen Enterprises Inc (CSE:MMEN,OTCQB:MMNFF) was one of the best-performing cannabis stocks, soaring more than 30% to US$5.83.

The cannabis company has been scooping up market share via a slew of acquisitions, including a licensed dispensary from Berkeley Patients Group in California.

Aurora Cannabis Inc (TSX:ACB, OTCMKTS:ACBFF) shares were up about 7% to US$10.40.

MPX Bioceutical Corporation (CSE: MPX; OTCQX: MPXEF) shares jumped more than 5% to US$0.69 after announcing it would be expanding its reach into the Maryland market via a new dispensary in Baltimore.

Canopy Growth Corp (NYSE:CGC, TSE:WEED) was another gainer, rising more than 5% to US$49.72.

Duds

There were barely any duds to speak of Friday afternoon.

Shares of Toronto-based cannabis company Newstrike Brands Ltd (OTCMKTS:NWKRF) fell about 2.5% to US$0.54.

Cannabis Science Inc (OTCMKTS:CBIS) dipped around 1% to US$0.04.

The North American Marijuana Index, which tracks the top cannabis stocks in the United States and Canada, was up 5.53% to US$326.52.

The Horizons Marijuana Life Sciences Exchange Traded Fund, a group of marijuana stocks that trades on the Toronto Stock Exchange, jumped 4.01% to C$24.13.

 

Contact Lenore Fedow at lenore@proactiveinvestors.com

Follow her on Twitter@LenoreMariee

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