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Buds & Duds: Cannabis stocks pop across the board; 1933 Industries and Namaste Technologies soar

Shares of Namaste Technologies rose 8% on Friday and the stock has jumped more than 35% since the beginning of the year

man vaping cannabis
Shares of 1933 Industries and Wayland Group were also on the rise

Cannabis stocks rolled into the weekend in fine form, with most stocks up across the board.

The North American Marijuana Index, which tracks the leading cannabis stocks in the US and Canada, was up 3.8% to 232.71.

Buds

1933 Industries Inc (CSE:TGIF) (OTCQX:TGIFF), a Canadian cannabis company with a presence in Nevada, saw its stock jump 12.5% at C$0.41 on Friday.

Recently, the company saw its sales soar in its fiscal first quarter on the back of robust demand for cannabis products across Nevada, California and Colorado.

READ: 1933 Industries ends 2018 on high note as revenue climbs

The company has seen impressive performance in its first year.

“Our strong financial results of $12.6 million in sales revenue for our fiscal year 2018 are a testament of our sound operational management and diligent business practices as we continue to build a solid foundation for the future”, said CEO Brayden Sutton in a company press release earlier this week.

Other outperformers on Friday included Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF), which was up 8.6% at C$1.14.

READ: Namaste names Neil Kothari as cannabis company’s chief legal officer

The start of 2019 has been a blockbuster for Namaste -- its stock has jumped more than 35% since the beginning of the year. The company has not released new news in the last few weeks.

Other winners on Friday included Wayland Group Inc (CSE:WAYL) (FRANKFURT:75M) (OTCQB:MRRCF), which was up 12.4% at C$1.09.

Duds

There were a few duds on Friday, but in limited fashion.

Tilray Inc (NASDAQ:TLRY) shares dipped slightly to US$69.95.

MariMed Inc (OTCQB:MRMD) had a rock-solid Thursday, up more than 8%, but settled on Friday, down 3.23% to US$3.60. The US cannabis company offers a hemp product line and stands to benefit from the passage of the 2018 Farm bill, which legalizes industrial hemp.

Golden Leaf Holdings Ltd (CSE:GLH) (OTCQB:GLDFF) shares dropped 2.6% to US$0.18. The Toronto-based cannabis company recently named William Kulczycki as its new CEO.

 

Contact Katie Lewis at [email protected]
Follow her on Twitter: @kelewis

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