The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, dropped 3% to 236.24 points on Thursday. The Horizons Marijuana Life Sciences Index ETF was down 3.3% to C$18.38. The OTCQX Cannabis Index was down 2.6% at 737.6 points.
Canopy Growth Corporation (TSX:WEED) (NYSE:CGC) stock plunged Friday a day after the world’s largest cannabis company posted a wider-than-expected fiscal fourth-quarter loss despite beating revenue estimates.
Shares were down 8% at C$53.05 in Toronto, off 8.2% at US$40.13 in New York.
The company posted a net loss of C$323.4 million, or C$0.98 a share, compared to a loss of C$54.4 million in the year-ago quarter. Much of that loss — more than C$130 million — was on paper, as Canopy had to account for the growth of its stock price in the first three months of the calendar year because of rules governing the company’s convertible debt. However, this still left the company down C$174.5 million.
Wall Street analysts expected Canopy Growth to stay in the red, but with a with a much smaller loss of C$95.2 million, or C$0.25 per share. Meanwhile, revenue rose to C$94.1 million from C$22.8 million in the year-ago period, topping analyst estimates of C$90.6 million in 4Q revenue.
The real estate cannabis investment firm announced Thursday it had amended its lease with Green Peak Industries in Dimondale, Michigan and expanded its partnership. The firm said it had made an additional US$18 million in funding available for expansion of Green Park's cannabis cultivation and processing facilities.
The 56,000 sq/ft industrial building, utilized by Green Peak for cannabis cultivation and processing, was completed earlier this year. The the boost in funding, Green Peak, is expecting to develop an additional 55,000 sq/ft of industrial space to bolster its operations.
There were stock gainers on Friday.
Nabis Holdings Inc (CSE:NAB)(OTC: INNPF)(OTC: NABIF), shares were on the rise after the company announced it had been approved to begin trading under the ticker "NABIF" on the OTC Markets.
Shares were up 7.4% at C$0.37 in Toronto, up 6% at US$0.28 in New York.
The Canadian investment firm invests across multiple industries, including real property, securities, cryptocurrency, and all aspects of the US and international cannabis sector.
Other stocks on the rise Friday included Emerald Organic Products (OTCMKTS:EMOR), which announced Friday it has a new lineup of CBD products.
Shares were up 5.6% At US$4.75 in New York.
The firm recently announced a merger with Pura Vida Health, LLC and says it is well positioned to capitalize on the rising consumer demand for CBD products across the United States.
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