Cannabis stocks cruised higher on Friday on the back of a lacklustre week for cannabis stocks across North American markets.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was up 0.4% to 287.2 points. The Horizons Marijuana Life Sciences Index ETF was up 1% at C$20.99.
The Green Organic Dutchman Holdings Ltd (TSX:TGOD) (OTCQX:TGODF) shares perked up on Friday as it announced it has inked approval to operate its greenhouse in its home town of Hamilton, Ontario, confirming Friday that the company and the city council have finalized a settlement. In addition to the news, the local planning appeal tribunal approved the settlement at a meeting yesterday, May 2.
Shares were in the green, up 2.6% at US$3.23 in New York, up 2.4% at C$4.33 in Toronto.
"We look forward to growing and producing high-quality, certified organic cannabis right here in our home town. We are committed to the city and look forward to working with our neighbors, local businesses and the community," said Brian Athaide, CEO of TGOD.
When the cannabis company’s facilities in Ancaster are completed it will be capable of growing 17,500 kgs of organic cannabis per year.
TILT Holdings Inc (CSE:TILT) (OTCMKTS:SVVTF) shares were soaring on Friday, a day after the stock suffered significant losses. The company released its 2018 financial statements earlier this week, showing a net loss of US$552.1 million. The company reported revenues for the year of US$5.65 million.
Shares were up 1.4% at C$2.20 in Canadian trading, up 0.4% at US$1.65 in New York. The firm offers same-day delivery for retailers, wholesalers and consumers in four states.
Under the terms of the deal, Canopy will acquire C3 Cannabinoid Compound Co, a German company that specializes in cannabinoid-based medical therapies.
Shares jumped 1% at C$65.55 in Toronto and up 1% at US$48.82 in New York.
Other gainers on Friday inlcuded Hexo Corp. (TSE:HEXO) (NYSEAMERICAN:HEXO), with shares up 2.5% at C$10.28 and up 2.8% at C$7.66. On Wednesday Hexo appointed appointed Steve Burwash, its VP of strategic finance to serve as acting chief financial officer on an interim basis.
Hexo's shares have more than doubled this year.
Earlier this week, the company released earnings results, which saw an uptick in its revenue, posting revenue of US$16.5 million in 2018, a 43% year-over-year increase compared to $11.5 million for the annual period in 2017.The company narrowed its net loss to US$4.4 million in 2018, compared to a net loss of US$55.9 million in 2017.
The Canadian company has cultivation, production and retail operations in Canada as well as in Oregon and Nevada.
Contact Katie Lewis at [email protected]