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Buds & Duds: Cannabis stocks slide on Thursday; CB2 Insights shares pop on acquisition

Also on the move were International Cannabis Corp, Planet 13 Holdings Inc and Isodiol International Inc
cannabis
CB2 announced it has acquired the assets of Colorado-based medical cannabis clinic group Relaxed Clarity

Cannabis stocks tripped on Thursday after significant gains on Wednesday. While the majority of cannabis players have had a bumping 2019 when it comes to stock prices, concerns remain about what lies ahead. 

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, dropped 1% to 305.61. The Horizons Marijuana Life Sciences Index ETF was down 0.7% at C$21.57. 

Buds 

CB2 Insights (CSE:CBII) shares soared on Thursday after the medical cannabis-focused data firm announced it has acquired the assets of Colorado-based medical cannabis clinic group Rae of Sunshine Health Services LLC, operating as Relaxed Clarity. 

Shares of the Toronto-based company were up 8.5% at C$0.32. 

WATCH: CB2 Insights adds another asset with acquisition of Colorado based Relaxed Clarity

International Cannabis Corp (CSE:WRLD.U) (OTCMKTS:WLDCF) shares were bolstered Thursday by the news that it may soon be listed on a major international exchange. 

The cannabis company is pursuing a public listing on either the Nasdaq, the New York Stock Exchange or the AIM in London.

Shares were up 4.2% at US$0.32 in New York. 

READ: International Cannabis ponders listing on major international exchange

Other gainers Thursday included Planet 13 Holdings Inc (CSE:PLTH), which continued its rise from earlier in the week. 

On Wednesday, the company reported US$5.49 million in revenue from its Las Vegas Cannabis Entertainment Complex in March 2019, which is the world's largest cannabis dispensary. The company said in March, almost 100,000 people entered the dispensary.

Shares were up 9.5% at C$3.01 in Toronto. 

Duds

Isodiol International Inc (OTCQB:ISOLF) (CSE:ISOL) shares dropped Thursday, down 3.2% to US$1.05. The Vancouver-based company develops hemp-based consumer markets for distribution in Canada, Latin America, Asia, and Europe.

Other laggards on Thursday included Flower One Holdings (CSE:FONE), which was down 5.2% at C$2.75 in Toronto and Newstrike Brands (CVE:HIP), which was down 3.7% at C$0.52. 

 

Contact Katie Lewis at [email protected]

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