It's been a tough week for cannabis stocks and the trend continued Friday, with broad-based losses across North American markets.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, dropped 0.9% to 235.8 points on Friday. The Horizons Marijuana Life Sciences Index ETF was down 0.3% to C$18.13. The OTCQX Cannabis Index slipped 0.8% at 731.5 points.
Shares on Friday lagged, down 2.3% at US$40.10 in New York.
Linton’s immediate departure came after the Smith Falls, Ontario-based cannabis grower posted a wider-than-expected fiscal fourth-quarter loss last month, which unnerved both investors and the industry. In media interviews, Linton said he had been terminated by the company’s board of directors, a board heavily represented by Canopy's largest investor, US beverage giant Constellation Brands, which has a $5 billion stake in the firm.
“Having strong people on our team is critical to our success and growth,” said Sascha Mielcarek, Tilray’s managing director of Europe. “We’re thrilled to welcome this group of highly skilled leaders to our team. Arne, José, Maike, Nadja and Natalie all join Tilray with wide-ranging experience in regulated industries. We’re confident their appointments will accelerate our global growth strategy and help strengthen our position in Europe and other international markets.”
The firm has said its Cantanhede, Portugal-based facility will be a main hub for cultivation, processing, research and distribution throughout Europe and other global markets.
Weekend Unlimited Inc (CSE:POT) (OTCMKTS:WKULF) shares were on the rise Friday, up 5.9% at C$0.09 in Toronto, up 1.9% at US$0.07.
The firm announced earlier this week it has a new product-development partner for its line of wknd! branded products. The company is teaming up with Emerald City Cultivation, a Seattle-based cannabis producer, to develop products for the wknd! brand, including cannabis-filled cigars, pre-rolls and vape cartridges.
HMMJ bolstered its portfolio as more firms have become eligible for inclusion in its underlying index – the North American Marijuana Index. HMMJ bolstered its portfolio as more firms have become eligible for inclusion in its underlying index – the North American Marijuana Index.
Also rising Friday was Charlotte's Web Holdings (TSE:CWEB) (OTCMKTS:CWBHF), which was up 4.4% at US$17.70 in New York.
The hemp CBD-extract focused firm recently reported it had upped its planting for the 2019 growing season, in order to meet growing demand from consumers and retail partners. The firm said total acres planted for 2019 was boosted to 862, an 187% increase from its 300 acres planted in 2018.
Contact Katie Lewis at [email protected]