Cannabis stocks were riding flat on Friday after a busy week that saw a host of news, including US lawmakers rolling out an expansive bill, the STATES Act, that would protect the cannabis industry in legal states and the first opening of bricks-and-mortar cannabis stores in Ontario.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was up 0.3% to 306.70. The Horizons Marijuana Life Sciences Index ETF was up 0.7% at C$21.73.
ICC International Cannabis Corp (CSE:WRLD.U) (OTCMKTS:WLDCF) shares jumped Friday after it applauded Wayland Group’s (CSE:WAYL) news that it is on the path to receive a cannabis production license in Germany. The German Federal Institute for Drugs and Medical Devices will allow Wayland, through its German joint venture Demecan GmbH, to begin domestic production of medical cannabis for German patients, subject to a review period.
ICC has a stake in Wayland’s progress in Germany as it is wrapping up its acquisition of 49.9% of Wayland’s international assets and license portfolio.
Shares of ICC were up 5.8% at C$0.37 in Toronto and up 5.6% at US$0.37 in New York. Shares of Wayland Group were also up, up 5.3% at C$1.00 in Toronto, up 4.9% at US$0.74 in New York.
Shares were up 2.2% at C$12.21 in Toronto.
The Canadian cannabis company was one of the three companies selected in a public tender by the German Federal Institute for Drugs and Medical Devices to cultivate and distribute medical cannabis in Germany.
Last week, the company announced news that it had won a victory from city council in its hometown of Hamilton, Ontario, allowing the cannabis company to operate its cannabis greenhouse in Ancaster, Ontario.
Tilray Inc (NASDAQ:TLRY) shares had a tough Friday, down 2.7% at US$59.42. It's been a tough start to 2019 for the Nanaimo-based cannabis company, compared to many cannabis stocks, which have seen huge rallies so far in 2019.
on the other hand, Tilray has continued to drop, and on Friday hit its lowest point since the beginning of the year. The stock is off around 80% from its all-time highs of $300/share, seen in September 2018.
Shares of Liberty Health Sciences Inc (CSE:LHS) (OTCQX:LHSIF) also dropped on Friday, down 2.1% at C$0.94 in Toronto. On Friday, the company is opening its 13th Florida dispensary in Bonita Springs, as the company continues to expand throughout the state.
Contact Katie Lewis at [email protected]