Cannabis stocks continued to drop Wednesday with broad losses across North American markets.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was down 1.1% to 244.5 points on Wednesday. The Horizons Marijuana Life Sciences Index ETF was down 1.4% to C$18.87. The OTCQX Cannabis Index was down 0.2% at 759.9 points.
Weekend Unlimited Inc (CSE:POT)(OTCQB:WKULF) shares were on the up-and-up Wednesday after it announced it has successfully produced more than 50,000 high-CBD hemp seeds at its 600-acre Northern Lights Organics farm in British Columbia.
Shares of Weekend Unlimited jumped 20% at C$0.06 in Canadian trading, up 6.5% at US$0.04 in New York.
The Canadian recreational cannabis company says it now can produce and supply high-CBD hemp seeds on a much-larger scale following the success of the test plot.
"Translating the results of this test plot in the nursery greenhouse to the larger greenhouse, which has 40 times the capacity, equates to approximately 2,000,000 seeds which is enough to plant over 600 acres,” said President Arthur Halleran.
Other gainers Wednesday included Nabis Holdings Inc (CSE:NAB), which announced Wednesday that it will acquire Desert’s Finest, a 6,000 square-foot dispensary in California. The Canadian investment company said the dispensary, which is licensed by the state government for the sale of cannabis products, includes the potential for a license expansion to add production and cultivation activities on the property, according to a statement.
The firm will pay $5.6 million for the dispensary -- $1.9 million in cash and $3.8 million of Nabis common stock.
“As we continue national expansion of the Nabis footprint, we are pleased to announce our first acquisition in the state of California, one of the dominant cannabis markets in the United States,” said CEO Shay Shnet in a statement. “Desert’s Finest has successfully generated material revenue driven in part by their convenient dispensary location in the Palm Springs region and extensive list of registered patients."
There were several laggards Wednesday.
Shares of HEXO Corp. (TSE:HEXO) (NYSEAMERICAN:HEXO) slipped 3.3% at C$8.50 in Canadian trading, likely in anticipation of its third-quarter earnings results, set to come out today. Last quarter, the company suprised on earnings, beating analyst estimates handily.
Contact Katie Lewis at [email protected]