Cannabis stocks dropped sharply on Monday, with shares broadly down across US and Canadian markets.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was down 3.6% to 241.6 points on Monday. The Horizons Marijuana Life Sciences Index ETF sank 2.8% to C$18.09.
A number of cannabis stocks outperformed on Monday.
Shares of Flower One Holdings Inc (OTCMKTS:FLOOF) (CSE:FONE) were on the rise Monday, up 7.7% at US$2.10 in New York, up 4.5% at C$2.77 in Toronto after the firm released strong fiscal 1Q earnings results.
The company is a cannabis greenhouse operator with licenses for both medical and recreational cultivation and production in the state of Nevada and reported US$1.7 million in net income for the quarter. It reported revenue of US$534,172.
"This is an important and exciting time for Flower One, its Brand Partners, and its investors," said CEO Ken Villazor. "With the addition of eight brand partners so far in 2019, the completion of our greenhouse, the commencement of operations, and our first harvest now imminent, we have reached the inflection point we have been diligently, yet aggressively, working towards. As a result of our efforts, we are uniquely positioned to fulfil the large-scale cultivation, processing, production and high-volume packaging needs of brands wanting to accelerate their market entry into Nevada."
Shares of ICC International Cannabis Corp (CSE:WRLD.U) (OTCMKTS:WLDCF) were on the rise Monday, after the firm applauded South Africa’s recent reclassification of CBD (cannabidiol), which will allow the population access to a vast array of products.
Shares were up 3% at C$0.17 in Toronto.
Earlier this month, ICC closed its previously announced acquisition of 49.9% of Wayland Group Corp's international asset and license portfolio, including the latter's patented Vesisorb formulations, which have been shown to increase absorption of fat-soluble drugs, including CBD, by up to seven times.
Shares were down 13.9% at C$1.55 in Toronto, down 14.9% at US$1.14 in New York.
Last month the firm released its 2018 financial statements, showing a net loss of US$552.1 million. The company reported revenues for the year of US$5.65 million.
The firm offers same-day delivery for retailers, wholesalers and consumers in four states.
Shares slipped 5.7% at US$2.06.
LA-based MedMen reported revenue of US$36.6 million, versus analyst expectations of US$49.2 million. It reported a net loss of US$63.1 million, reflecting a share loss of US$0.20. In the year-ago quarter, the loss stood at US$18.4 million.
Isodiol International (CSE:ISOL) (OTCMKTS:ISOLF) shares also dropped Monday, down 7.1% at C$01.18 in Toronto on no news. The firm produces hemp derivatives in bulk quantities, white label formulas, and a branded line of finished goods.
Contact Katie Lewis at [email protected]