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Buds & Duds: Industrial Properties, ICC international Cannabis the only gainers in cannabis space

Innovative Industrial Properties, which leases medical cannabis facilities, was one of the only gainers on the North American Marijuana Index

Hand holding a marijuana leaf in front of a mountain backdrop
Shares of Canopy Growth and Tilray sank following quarterly results

Buds

There were barely any “buds” to speak of in the cannabis space after a rough round of earnings sank major and minor players alike.

Innovative Industrial Properties Inc (NYSE:IIPR) was one of the only gainers on the North American Marijuana Index with shares climbing more than 4% to US$47.02 in Wednesday afternoon trading. The company leases specialized industrial properties to state-licensed operators for their regulated medical cannabis facilities.

ICC international Cannabis Corp (CSE:WRLD, OTCMKTS:KNHBF) shares rallied in the US and Canada, though the company said that it was not aware of any reason behind the move amid recent volatility in the stock.

In a statement, the Vancouver-based company said it "wishes to confirm that it is not aware of any corporate development, news or undisclosed material change to the company or its operations that would account for the recent volatility in the company's share price."

Shares of ICC in New York rose almost 13% to trade at US$0.36. In Canada, the stock was up 10.6% to C$0.47.

READ: Canntab Therapeutics applies with Health Canada to become a licensed cannabis producer

Duds

It was a rough week for North American cannabis stocks.

The North American Marijuana Index, which tracks the leading cannabis stocks in the US and Canada, slipped more than 6% by Wednesday afternoon.

Canopy Growth Corporation (TSE:WEED, NYSE:CGC) posted a wider loss in its fiscal second-quarter results and revenue that missed Wall Street’s estimates.

Shares sank nearly 12% to US$33.90 in afternoon trading.

Tilray Inc (NASDAQ:TLRY) doubled the amount of cannabis sold in its third quarter, but reported a decline in average selling prices. Shares were down more than 8% to US$102.43.

Aurora Cannabis Inc (NYSE:ACB) shares dipped more than 8% to US$6.15. The company recently appointed Jonathan Page, former CEO of cannabis-focused science company Anandia Labs, as its chief science officer.

Shares of Toronto-based Cronos Group Inc (NASDAQ:CRON) fell about 5% to US$7.89.

MedMen Enterprises Inc (CSE:MMEN,OTCQX:MMNFF) has been gaining ground in the cannabis space via a slew of recent acquisitions, but its shares still slipped 7.5% to US$4.42.

 

Contact Lenore Fedow at [email protected]

Follow her on Twitter@LenoreMariee

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