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Buds & Duds: HEXO stock rises on promising 2Q results; Cannabix tests its marijuana breathalyzer

Doing less well Thursday were GrowGeneration and Aurora
Cannabis plants
Hexo cut its losses in half from the previous year

The cannabis sector saw a slow day Thursday, mirroring larger market trends.

The North American Marijuana Index, which tracks top cannabis stocks in the US and Canada, fell 0.5% to 288.5.

Buds

HEXO Corp (NYSE:AMERICAN:HEXO) (TSX:HEXO) announced fiscal second-quarter results Thursday that showed shrinking losses and surging revenue.

The medical and adult-use cannabis producer posted a loss of C$4.3 million, half the size of its nearly C$9 million loss a year earlier. Net revenue from the sale of goods increased to C$13.4 million from C$1.2 million a year earlier.

The stock is up 1.9% to US$6.06 in New York and gained 2.9% to C$8.06 in Toronto.

READ: HEXO stock soars after Newstrike acquisition 

Cannabix Technologies Inc (OTCMKTS:BLOZF) (CSE:BLO) announced that testing of its marijuana breathalyzer has produced “stable and consistent” results. The company has bene conducting human testing since late January, and engineers may now make additional changes to the breath collection unit.

Investors were breathing the stock in, increasing share price 7.4% to US$1.11 on the OTC Markets and boosting it by 11% to C$1.50 on the CSE.

Duds

GrowGeneration Corp (OTCMKTS: GRWG) was down 3.4% to US$2.83, in line with the broader cannabis market.

Aurora Cannabis Inc (NYSE:ACB) (TSX:ACB) dropped 1.9% to US$8.90 in New York and decreased 1.2% to C$11.88 in Toronto.

Contact Andrew Kessel at [email protected]

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