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Buds & Duds: Cannabis stocks tumble, but GW Pharmaceuticals up after Guggenheim rates it Buy

Last updated: 12:39 22 Feb 2019 EST, First published: 11:40 22 Feb 2019 EST

cannabis plants

Cannabis stocks were having a rocky Friday, with Wall Street’s march higher overshadowing their lackluster performance.

The North American Marijuana Index, which tracks leading cannabis stocks, fell 0.32% to 286.23.

Duds

There were more duds than buds, with cannabis stocks reporting more downs than ups.

Shares of CannTrust (TSE:TRST) (OTCMKTS:CNTTF) fell 1.1% to C$12.19 in Canadian trading and dropped 0.8% to US$9.25 in New York trading. This week, the Canadian cannabis company revealed it has won a listing on the New York Stock Exchange and will start trading there under the ticker CTST on February 25.

Canopy Growth (NYSE:CGC) (TSX:WEED) was also having a challenging time, shedding 1.35% to $44.41.  

The Smith Falls, Ontario-based company has struck a multi-year deal with Canadian convenience store operator Alimentation Couche-Tard Inc (TSE:ATD) for the retail sale of its Tweed line of cannabis products in a store solely dedicated to the brand.

Buds

GW Pharmaceuticals (NASDAQ:GWPH) broke away from the pack and climbed 4.86% to US$150.94.

Investors came away impressed by reports that analysts at Guggenheim kicked off coverage of the UK-based company with a Buy rating and a $178 price target. Headquartered in Cambridge, England, GW specializes in the development of cannabinoid prescription medicines.

Shares of Innovative Industrial Properties (NYSE:IIPR) were also on the rise, adding 4.96% to $72.00

The real estate company, which specializes in leasing property to cannabis companies, was added to the S&P SmallCap 600 index this week. As of February, the Maryland-based company owned twelve properties in Arizona, California, Colorado, Illinois, Maryland, Massachusetts, Michigan, Minnesota, New York and Pennsylvania.

Also trading higher on no reported news were Green Growth Brands (CSE:GGB), which added 0.57% to C$5.28, and MariMed (OTCQB:MRMD), which rose 1.36% to US$3.72.

Contact Ellen Kelleher at ellen@proactiveinvestors.com

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