Cannabis stocks flattened out on Wednesday after steep declines on Tuesday. It's been a rocky week so far for cannabis stocks across broader North American markets.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was flat at 297.7 points on Wednesday. The Horizons Marijuana Life Sciences Index ETF was up 0.4% at C$21.38.
Canntab Therapeutics Limited (CSE:PILL) (OTQX:CTABF) shares perked up on Wednesday after the OTC Markets Group Inc (OTCQX:OTCM) announced the company has qualified to trade on the best market, having been upgraded from the OTCQB venture.
Shares of Canntab were up 5.3% at C$0.80 in Toronto. The company specializes in the research and development of pharmaceutical-grade formulations of cannabinoids.
The company is the first to offer medical cannabis in pill form and its suite of products continues to grow. The tablets are intended to treat a variety of disorders including post-traumatic stress disorder and arthritis and can also act as a pain management and appetite loss drug for patients undergoing cancer treatments
"Historically, it's been difficult for US investors to take ownership of our company, that changes with our upgrade to the OTCQX best market,” said Canntab Therapeutics' chief financial officer Richard Goldstein in a statement. “This move also coincides with Canntab reaching a major milestone in April, which has opened the door for Canadian and international sales and white labeling."
Curaleaf Holdings (CSE:CURA) (OTCMKTS:CURLF) shares were on the rise -- big time -- on Wednesday as it announced it has inked a mammoth C$1.27 billion deal to buy the regulated cannabis business of Cura Partners Inc, a maker of oil for vape pens. Cura, based in Portland, Oregon, sells its Select brand marijuana products in more than 900 dispensaries.
Shares soared 16.9% at C$15.55 in Canadian trading, up 16.8% at US$11.57 in New York.
The significance of the deal is important: it marks the largest deal, based on a dollar figure (so far), between any US cannabis operator.
READ: The Green Organic Dutchman, Epican Medicinals win second retail licence to open another retail dispensary in Jamaica
The Green Organic Dutchman Holdings Ltd (TSX:TGOD) (OTCQX:TGODF) shares were cruising up Wednesday after it announced that it is opening its second legal cannabis retail store in Jamaica, along with Epican Medicinals.
Shares were up 1.2% at US$3.39 in New York, up 1.1% at C$4.53 in Toronto.
"Epican's Montego Bay store is a bright and well-designed space ideally located to serve local and visiting patients with Epican's locally produced premium organic cannabis," Green Organic Dutchman CEO Brian Athaide said in a statement.
"Our Kingston location witnessed increasing sales volumes; setting the stage for the grand opening of an Epican Herb House in Jamaica's largest tourist hub. It is an important milestone toward further expansion for Epican and TGOD in Jamaica."
Other gainers on Wednesday included Weekend Unlimited Inc (CSE:POT) (OTCMKTS:WKULF), which announced Wednesday that Chris Backus will be the interim president and CEO of the company.
Shares jumped 5.9% at C$0.09 in Canadian trading.
A number of stocks declined on Wednesday.
The company reported $18.8 million in revenue for the year-end period ending December 31, 2018, up from $16.1 million in 2017. Its net losses for 2018, however, rose to C$29 million versus C$17.5 million in The net loss for 2018 rose to $29 million versus last year’s $17.5 million, with the increase in net losses attributed to the company's growth in 2018, as its US operations in California expanded.
Markets responded, sending shares down 6% at US$3.30 in New York, down 4.9% at C$4.42 in Toronto.
Shares were down 5% at C$2.65 in Toronto, down 5.3% at US$1.96 in New York.
Other laggards on Wednesday included CannTrust Holdings (OTCMKTS:CNTTF) (TSE:TRST) which slipped 5.6% at C$6.38 in New York, down 6.8% at C$8.56 in Toronto.
Contact Katie Lewis at [email protected]