Cannabis stocks dipped on Monday ahead much-anticipated earnings results from Cronos Group and the cancellation of a vote on a bill legalizing marijuana in New Jersey.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was down 0.34% to US$298.62 on Monday afternoon.
The Horizons Marijuana Life Sciences Index ETF was down 0.53% at C$22.48.
Shares were up 5.9% at C$27.33 in Toronto and up 5.9% at US$20.37 in New York.
Eyes are on the company's revenue growth, which analysts are estimating to come in around US$6.5 million. If the company manages to hit this target, it would represent a 300% jump year over year.
READ: The Green Organic Dutchman achieves major milestone as it begins cannabis sales to medical patients
Also on the move Monday was The Green Organic Dutchman Holdings Ltd (TSE:TGOD) (OTCMKTS:TGODF), which saw shares rise as the company announced it has begun selling cannabis to a national network of medical patients.
The company launched a limited rollout of the company’s certified-organic cannabis to a select group of patients across Canada known as The Growers’ Circle, allowing the company to perfect its distribution ahead of a planned production ramp-up later this year.
Shares were up 2.1% at C$4.87 in Toronto and up 1.7% at US$3.63 in New York.
ICC International Cannabis Corp (CSE:WRLD.U) (OTCMKTS:WLDCF) shares were up on Monday after the company announced it is set to market and distribute its cannabidiol (CBD) health and wellness products across Spain under the name of Mexican singer Thalia Sodi after extending its new licensing agreement with Authentic Brands Group (ABG).
The company also recently announced it had been added to the Horizons Medical Marijuana Life Sciences ETF, a significant milestone for the company.
Shares were up 4.8% at C$0.33 in Toronto and up 2.8% at US$0.33 in New York.
The company released news Monday of a new cultivation licence for its facility in Fredericton, New Brunswick.
Shares were down 1.2% at US$43.84 in New York and up 1.2% at C$58.82 in Toronto mid-day Monday.
Shares of Eve & Co Inc (OTCMKTS:EEVVF) sank on Monday, down 7.2% at $0.40 in New York.
Last week, the female-focused cannabis firm announced that Royal Bank of Canada (RBC), Canada’s largest bank, was lending the London-Ontario-based producer $18.7 million to fund its expansion plan.
The company said it plans to expand its greenhouse to 93,000 sq/metres, which would put it into the list of Canada's 10 largest cannabis-growing operations.
Contact Katie Lewis at [email protected]