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Buds & Duds: GrowGeneration rallies after acquiring Reno Hydroponics assets

Also moving are Aurora Cannabis and KushCo Holdings

A marijuana plant
KushCo advanced after the cannabis products packager announced executive changes

Cannabis stocks in the US and Canada started the week on a negative note, trading in the same direction as the Dow Jones Industrial Average.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, dropped 0.7% to 273.87 on Monday.

BUDS

GrowGeneration Corp (OTCMKTS:GRWG) advanced 4.6% to US$3.39 after announcing that it has acquired the assets of Reno Hydroponics.

The Reno, Nevada, store will be the Denver-based cannabis company’s 23rd location and its second in Nevada.

“As a recreational legal market, Reno is a prime area for GrowGen, with an increasing number of dispensaries and cultivators,” CEO Darren Lampert said.

KushCo Holdings Inc (OTCMKTS:KSHB) climbed 1.7% to US$6.07 after announcing that Jim McCormick will step down from his role as chief operating officer to pursue other opportunities.

The Garden Grove, California-based cannabis product packaging company said in a statement that Rodrigo de Oliveira, vice president of operations of Kush Supply Co, is taking over as interim COO.

In addition, Jason Vegotsky, currently president of Kush Supply Co, will be promoted to chief revenue officer of KushCo Holdings.

DUDS

Aurora Cannabis Inc (NYSE:ACB) (TSE:ACB) declined 1.4% to US$9.81 after the company said in a statement that it has completed its first commercial export of medical cannabis oil to the United Kingdom from a certified pharmacy.

The product has been successfully dispensed from a pharmacy, according to Aurora.

Under the UK framework, specialist doctors can legally issue prescriptions for cannabis-based medicines when they agree that their patients could benefit, according to Aurora.

Its stock dropped 1.4% to C$9.81 in Canadian trading.

Contact Dennis Fitzgerald at [email protected]

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