Cannabis stocks faced a difficult outlook Thursday, mirroring US markets as a whole.
The Marijuana Index, which tracks the cannabis sector in the US and Canada, was down 2.5% to 277.4.
MYM Nutraceuticals Inc (OTCMKTS:MYMMF) (CSE:MYM) stock is doing well Thursday thanks to a new partnership with Elite Ventures Group LLC on 120 acres of CBD-rich hemp in Nevada. Based on Elite’s prior cultivation success in similar circumstances, the parcel represents potential revenue of more than $26 million, of which MYM is entitled to 50%, less sales and processing fees. Investors liked what they heard, sending the share price up nearly 10% to $0.43 on the OTC Markets and more than 7% to $0.57 on the CSE.
Weekend Unlimited’s (OTCQX:WKULF) (CSE:POT) Champ Energy will sponsor this year’s South by Southwest as the festival’s official energy drink. Taking place on March 12 to 13, SXSW is a hugely popular music, film and culture event. As a sponsor, Champ Energy will be found in gift bags, throughout the venue and behind the bar. The stock was certainly energized, jumping 6% to $0.11 on the OTC and 7.7% to $0.14 on the CSE.
The Supreme Cannabis Company Inc (OTCMKTS:SPRWF) (TSX:FIRE) appointed Kenneth McKinnon to its board of directors Thursday. McKinnon is currently a partner at Citrus Capital Partners Ltd and serves on two other boards. The medical cannabis manufacturer’s stock is up as a result, rising 5.8% to $1.56 on the OTC and 5% to $2.10 on the TSX.
Tilray Inc (NASDAQ:TLRY) is still struggling after FDA Commission Scott Gottlieb’s resignation threw a wrench into the US medical marijuana sector. The British Columbia-based company recently purchased privately-held Manitoba Harvest, which bills itself as the world’s largest hemp food company. The company’s share price dropped nearly 4% to $72.86.
Elswhere, Newstrike Brands Ltd (OTCPK:NWKRF) (TSX:HIP) is down 4.9% to $0.33 on the OTC and 3.2% to $0.45 on the TSX; Generation Alpha Inc (OTCQB:GNAL) fell 4.1% to $0.35; and Auxly Cannabis Group Inc (OTCQX:CBWTF) dropped 4.4% to $0.55.