Cannabis stocks saw a sea of green on Thursday, with gains across North American markets.
The Horizons Marijuana Life Sciences Index ETF was up 0.8% to C$18.15. The OTCQX Cannabis Index was up 1.9% at 737.3 points.
Shares jumped 4.1% at C$3.29 in Canadian trading, up 3.3% at US$3.29 in New York.
The Valleyfield, Quebec facility was certified as organic by Pro-Cert, one of North America’s leading certification bodies. Valleyfield will have over 1.3 million square feet of grow space once completed, making it the largest organic cannabis facility in the world.
"It's exciting to reach new milestones as we begin commercial production. Growing certified organic cannabis at scale is a highly complex process which has taken time, great care and extensive research to refine. Each of our facilities goes through a robust certification process, in line with the high standards we have set, ensuring operational excellence at all stages," said CEO Brian Athaide.
Other stocks gaining ground Thursday included Next Green Wave Holdings Inc (CSE:NGW) (OTCMKTS:NXGWF), which announced that it has closed a C$2.75 million financing with the Cannabis Growth Opportunity Corporation (CGOC), an investment corporation focused on the global cannabis sector.
The firm said funds raised will go towards advancing its strategic partner alliances in California and provide working capital to accelerate its operations.
The market responded, sending shares up 12.5% at C$0.27 in Canadian trading, up 15.5% at US$0.21.
Shares of Mojave Jane Brands Inc (CSE:JANE) were also on the rise Thursday, up 4.8% at C$0.32 in Toronto. Earlier this week, the firm finalized its name change and a new ticker symbol JANE on the Canadian Securities Exchange.
Though the cannabis company is based in Toronto, it has a vertically integrated presence in California, including the Caligold brand of cannabis-infused chocolate. The firm's US holdings are comprised of assets that include cultivation to scale, branding, packaging, manufacturing and processing.
The US multi-state operator recently announced it will embark on a capital raise of up to US$800 million.
Contact Katie Lewis at [email protected]