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ICC International Cannabis Corp.

Buds & Duds: Cannabis stocks flatten out; ICC International Cannabis shares jump earlier on Wednesday on European distribution deal

Also on the move were Namaste, True Leaf, Aleafia, Tilray and MedMen

cannabis leaf
International Cannabis will allow Organic Flower access to its European distribution network, which comprises 80,000 retail locations and pharmacies across the continent

Cannabis stocks were flat as a pancake on Wednesday 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, inched down 0.1% to close at 282.4 points. The Horizons Marijuana Life Sciences Index ETF was up 0.2% at C$20.59. 

Buds

ICC International Cannabis Corp (CSE:WRLD.U) (OTCMKTS:WLDCF) shares soared earlier on Wednesday after it announced that it has entered into an agreement with Organic Flower Investment Groups Inc to access distribution in the European market.

Shares jumped up 8.1% at US$0.28 in New York, up 3.8% at C$0.27 in Toronto. In the afternoon, shares were halted, pending news. 

International Cannabis will allow Organic Flower access to its European distribution network, which comprises 80,000 retail locations and pharmacies across the continent, and commercial rights for cannabis processing and finishing at ICC’s GMP-certified facilities. 

READ: ICC International Cannabis strikes exclusive distribution deal with Organic Flower for access to its European retail network

Other gainers on Wednesday included Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF), the cannabis e-commerce group, up 2.8% at C$0.74 in Toronto by Wednesday's close.  

The company hasn't released any news, however, it is currently undergoing an audit of its 2018 financial statements. 

True Leaf Medicine International Ltd (CSE:MJ) (OTCMKTS:TRLFF) shares were up 4.3% at C$0.49 in Toronto. The Vernon, BC-based cannabis and hemp wellness brand for pets announced earlier this week that it had appointed an executive from the world's largest pet food company to lead its pet division.

Kevin Cole, a former vice president of marketing at Mars Petcare, joins the cannabis for pets brand as president of True Leaf Pet.

READ: True Leaf taps Mars Petcare exec Kevin Cole to lead its pet division

Duds

Tilray Inc (NASDAQ:TLRY) shares were lagging on Wednesday, down 2.5% at US$46.05 after the company announced it was expanding its Canadian manufacturing and production footprint.

The firm announced it was spending US$32.6 milliong to increase the company’s Canadian cannabis production and manufacturing footprint by 203,000 square feet across three facilities: Leamington, Ontario, London, Ontario, and Nanaimo, British Columbia.

Aleafia Health Inc (TSE:ALEF) (OTCMKTS:ALEAF) shares dropped sharply after gains earlier this week. Shares were down 2.9% at C$1.66 in Toronto, off 3% at US$1.24 in New York.

Earlier this week the company announced it was entering the German medical cannabis market via its joint-venture with German pharmaceutical wholesaler Acnos Pharma GmbH.

Also on the decline was MedMen Enterprises Inc (CSE:MMEN) (OTCQX:MMNFF), which was down 3.1% at US$2.46 on no news. 

 

--updates share prices--

Contact Katie Lewis at [email protected]

Follow her on Twitter @kelewis

Quick facts: ICC International Cannabis Corp.

Price: $0.05

Market: CSE
Market Cap: $33.4 m
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ICC International Cannabis Corp (CSE:WRLD) (OTCMKTS:KNHBF) CEO David Shpilt joins Christine Corrado in the Proactive Investors New York studio to talk about his thoughts on the decriminalization of cannabis in the Empire State, and how these changing regulations are a signal that the industry...

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