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Buds & Duds: Cannabis stocks slip on Thursday but Harvest One shares jump on Delivera acquisition

Also on the move were True Leaf, Mojave Jane, Aleafia and Neptune Wellness Solutions

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Harvest One shares were on the rise after it closed its acquisition of specialty biotechnology company Delivera

Cannabis stocks broadly slipped down on Thursday. 

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, dropped 0.6% to 237.8 points on Thursday. The Horizons Marijuana Life Sciences Index ETF was down 0.1% to C$18.24. The OTCQX Cannabis Index slipped 0.6% at 737.5 points.

Buds

Harvest One Cannabis Inc (CVE:HVT) (OTCMKTS:HRVOF) shares were gaining Thursday after the firm closed its acquisition of specialty biotechnology company Delivera Corp on Wednesday. 

Shares of Harvest One were up 2.7% at C$0.75 in Canadian trading. 

The acquisition strengthens Harvest One’s health and wellness arm by adding Delivera’s LivRelief product to its brand portfolio. LivRelief is a line of natural topical creams with Delivera’s proprietary transdermal delivery system platform for conditions such as joint and muscle pain, nerve pain, varicose veins, wound healing, and sports performance.

"The addition of the LivRelief brand to our existing product portfolio emphasizes our goal of becoming a global leader in the health, wellness, and self-care sector,” said CEO Grant Froese in a statement.

READ: Harvest One boosts health and wellness capacity after closing Delivera acquisition

Other gainers Thursday included True Leaf Brands Inc (CSE:MJ) (OTCMKTS:TRLFF), which was up 3.1% at C$0.33 in Toronto. 

Last week, the global cannabis and hemp wellness brand for pets announced it has signed a deal with Namaste Technologies Inc (CVE:N) (OTCMKTS:NXXTF), which will distribute True Leaf’s pet products through Namaste’s online dispensary platform.

WATCH: True Leaf's hemp based pet treats now available on Namaste’s CannMart platform

Other stocks on the rise Thursday included Mojave Jane Brands Inc (CSE:JANE), jumping 8.5% at C$0.32 in Toronto.

The firm recently 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.

Duds

Stocks lagging Thursday included Aleafia Health Inc (TSE:ALEF) (OTCMKTS:ALEAF), which was down 4.7% at C$1.22 in Canadian trading. 

Aleafia stock has been on the rise lately, up more than 30% last week, but gave back some ground Thursday. Earlier this week, the firm announced it had received multiple export permits from Health Canada. The firm said it is expecting to ship its branded medical cannabis oils in the next month, which will be distributed by Australian licensed producer CannaPacific Pty Ltd. 

Other laggards Thursday included Neptune Wellness Solutions (CVE:NTB) (NASDAQ:NEPT), which was down 1.9% at C$5.73 in Toronto. 

Neptune is focused on the extraction, purification and formulation of health and wellness products.

Contact Katie Lewis at [email protected]

Quick facts: Harvest One Cannabis Inc

Price: 0.33 CAD

TSX-V:HVT
Market: TSX-V
Market Cap: $70.84 m
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