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Buds & Duds: Valens GroWorks hits a high note while Tilray and Aurora Cannabis shares slide

Valens GroWorks shares were on the rise after the cannabis company entered into an extraction agreement with Canopy Growth

Marijuana leaf in front of a mountain backdrop
Tilray and MariMed were among the top decliners on the North American Marijuana Index

Buds

In general, cannabis stocks took a hit Thursday with few high-rollers in sight.

Valens GroWorks Corp (OTCQB:MYMSF) (CSE:VGW) shares rose 12% to C$1.64 after entering into an extraction agreement with Canopy Growth Corporation (TSE:WEED) (NYSE:CGC).

READ: Valens GroWorks inks extraction agreement with Canopy Growth

Innovative Industrial Properties Inc (NYSE:IIPR), which leases specialized industrial properties to state-licensed operators for their regulated medical cannabis facilities, saw its shares climb nearly 2% to US$51.75.

Duds

The agreement with Valens GroWorks failed to lift Canopy’s shares, which fell nearly 4% to US$30.82.

Tilray Inc (NASDAQ:TLRY) was a top decliner on the index, with shares sinking 10% to US$75.52.

Shares of Sunniva Inc (OTCQB:SNNVF) (CSE:SNN) were down nearly 0.2% to US$2.55. Daniel Vass, president of Sunniva's Natural Health Services Ltd, tendered his resignation on Monday.

Isodiol International Inc (OTCQB:ISOLF) (CSE:ISOL), a CBD and hemp products provider, shares dropped 3% to US$1.53.

The cannabis company announced Thursday it was forming an international advisory board, including former Vermont governor Howard Dean and former Lieutenant Governor of Maryland Michael Steele.

Aurora Cannabis Inc (NYSE:ACB) shares were down more than 7% to US$5.71 following the cannabis giant’s $10 million investment into High Tide as it looks to expand its retail presence.

GrowGeneration Corp (OTCQX:GRWG) shares dipped about 7% to US$2.80.

The Colorado-based company said Wednesday that it expanded its cultivation equipment warehouse in Maine by 10,000 square feet.

Massachusetts-based MariMed Inc (OTCQB:MRMD) shares sank more than 15% to US$2.85.

The company recently announced that it was expanding its hemp operations, investing US$3- billion in Kentucky-based GenCanna as it looks to increase its presence in the hemp-derived CBD business.

The North American Marijuana Index was down about 6% to $227.24. 

 

Contact Lenore Fedow at [email protected]

Follow her on Twitter@LenoreMariee

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