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Buds & Duds: Cannabis stocks perk up after rough start to the week; NextLeaf shares soar

Also on the move were Canopy Growth, The Green Organic Dutchman Holdings, Redfund Capital and Valens
Nextleaf lab
NextLeaf has a patented process for the commercial scale production of cannabinoid distillate, the precursor to every cannabis-infused product

Cannabis stocks perked up on Tuesday after a bumpy start to the week. It's been a volatile ride for cannabis stocks so far in 2019. 

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was up 0.5% to 285.98 by Tuesday's close. The Horizons Marijuana Life Sciences Index ETF was up 0.5% at C$19.98.

Buds

Nextleaf Solutions Ltd (CSE:OILS) shares soared on Tuesday morning after it announced it will raise up to $2 million in a non-brokered private placement. 

Shares jumped 19.2% at C$0.62 in Toronto.

The Vancouver-based cannabis-extraction technology company announced it will offer units at a price of C$0.40 per unit. NextLeaf, which has a patented process for the commercial scale production of cannabinoid distillate, the precursor to every cannabis-infused product, said it intends to use the proceeds for general working capital.

READ: Nextleaf Solutions to raise up to C$2M through a private placement

Other gainers on Tuesday included Canopy Growth Corporation (TSE: WEED) (NYSE:CGC), which gained ground after the company announced it had completed an acquisition of Spain-based licensed cannabis producer Cáñamo y Fibras Naturales, S.L. (Cafina), broadening Canopy's European production footprint. 

Shares were up 2.1% at US$55.55 in Toronto.

Canopy also has a an existing production site in Odense, Denmark, as well as a facility in Tütlingen, Germany. 

READ: GMP Securities kicks off 2019 Cannabis Conference looking at the industry post-legalization

The Green Organic Dutchman Holdings Inc (TSE:TGOD) (OTCMKTS:TGODF) shares were up earlier on Tuesday, as the company is presenting at the GMP Cannabis Conference 2019, which kicked off Tuesday at the Ritz Carlton Hotel in Toronto.

More than 700 cannabis industry executives gathered at the third annual event to discuss the evolution of the sector post-Canadian legalization, while looking to the future and the potential of the biggest market south of the border: the United States.

Shares were up 2% at C$4.07 in Toronto. 

Other gainers on Tuesday included Redfund Capital Corp (CSE:LOAN), the cannabis-focused investment firm, which was up 6.3% at C$0.17 in Toronto. 

Duds

Auxly Cannabis Group Inc (CVE:XLY) (OTCMKTS:CBWTF) saw its stock stumble Tuesday, down 6.7% at C$0.83 in Toronto and down 3.5% at US$0.63 in New York on no news. Two weeks ago, the company reported fiscal fourth-quarter and annual earnings that sent investors scrambling, pushing shares down. 

Other laggards on Tuesday included MariMed Inc (OTCQB:MRMD), which was down 2.6% at US$3.43 in New York. 

Isodiol International Inc (OTCQB:ISOLF) (CSE:ISOL) shares dropped 1.1% at US$1.00 in New York. 

Isodiol is Vancouver-based company that develops hemp-based consumer markets for distribution in Canada, Latin America, Asia, and Europe. Last week, it announced the launch of its cannabidiol (CBD) vending machine program, putting its Iso-Sport products in 20 gyms across the United States. 

Contact Katie Lewis at [email protected]

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