Cannabis stocks dipped slightly on Tuesday after significant drops yesterday on the back of broad-based losses across North American markets.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, dropped 0.6% to hit 213 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF was down 1.2% to C$16.69, while the OTCQX Cannabis Index fell 2.2% to 710.2 points.
Shares of Aurora Cannabis Inc (TSE:ACB) (OTCMKTS:ACBFF) were on the rise Tuesday, after it announced revised revenue and production guidance, estimating revenue will increase to between C$100 million and C$107 million in its fiscal fourth quarter.
Shares were up 8.9% at US$6.74 in New York, and up 6.3% at C$8.92 in Toronto.
Aurora also said its estimated production is between 25,000-30,000 kilograms, up from previous guidance of 25,000 kilos.
Late last week, the firm announced that the cannabis cultivation licenses for its modern greenhouse facility in Ancaster, Ontario have been extended until August 2022. The licenses allow TGOD to cultivate, process and sell cannabis from the Ancaster site.
Other gainers Tuesday included Arcadia Biosciences Inc (NASDAQ:RKDA), which announced on Tuesday that it is getting into the business of sun-grown hemp through a joint venture with Legacy Ventures Hawaii.
Shares were up 2.6% at US$1.97 in New York trading.
The partnership, known as Archipelago Ventures, pairs Arcadia’s genetic expertise and cultivation facility in Hawaii with Legacy’s extraction and sales experience.
Laggards Tuesday included Curaleaf Holdings Inc (CSE:CURA) (OTCMKTS:CURLF), which was down another 5.1% at C$9.82 in Toronto, and off 1% at US$7.40 in New York.
Last week, the firm was cautioned by the US Food and Drug Administration for allegedly illegally selling unapproved products containing CBD online with unsubstantiated claims that the products treat cancer.
Other decliners Tuesday included Aleafia Health Inc (TSE:ALEF) (OTCMKTS:ALEAF), which dropped 9.6% to C$1.13 in Toronto.
Last week, the firm's subsidiary Emblem Cannabis Corporation completed the largest adult-use cannabis order in company history, valued at over C$1 million.
Contact Katie Lewis at [email protected]