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Buds & Duds: Cannabis stocks in the red but The Green Organic Dutchman flies on Nasdaq listing move

Also on the move were WeedMD, Empower Clinics, Heritage Cannabis, Ignite and Canopy Rivers

The Green Organic Dutchman Holdings Ltd - Buds & Duds: Cannabis stocks in the red but The Green Organic Dutchman flies on potential new listing
CEO Brian Athaide said that the move will broaden TGOD’s investor base and increase access for international investors

Cannabis stocks were largely down across the board on Wednesday, but The Green Organic Dutchman managed to buck the trend with a potential new US listing.  

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, fell 5.02% to hit 209.16 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF sank 0.89% to C$16.79, while the OTCQX Cannabis Index dropped 1.60% to 706.6 points.

Buds

The Green Organic Dutchman Holdings Limited (TSE:TGOD) jumped this morning with the announcement that the company will seek to list its shares on the NASDAQ exchange in the US.

Calling it an “important step” in the company’s growth, CEO Brian Athaide said that the move will broaden TGOD’s investor base and increase access for international investors.

TGOD’s shares rocketed 6% higher in Toronto at C$3.37 by midmorning.

Also gaining was medical cannabis producer WeedMD Inc (CVE:WMD) after it released unaudited 2Q financials showing revenue of C$8 million from its medical, adult-use and wholesale markets, 140% greater than the year before.

Shares of WeedMD were up 3.8% at C$1.66 on the TSX Venture Exchange.

Elsewhere, Empower Clinics Inc (CSE:CBDT) and Heritage Cannabis Holdings Corp (CSE:CANN) both rose after the cannabis companies signed a deal - through Heritage’s subsidiary Endocanna Health Inc - to sell Empower’s endocannabinioid DNA test kits via its cannabis healthcare clinics.

Empower’s shares rose 5.9% at C$0.09 and Heritage was up 1.1% at C$0.46.

Duds

Many cannabis stocks were in the red on Wednesday, with a number of well-known names lagging behind the pack.

Ignite International Brands Ltd (CSE:BILZ) sank 12.1% to hit C$2.32 after Tuesday’s announcement that its UK subsidiary is partnering with major retailer WHSmith to sell vape pens.

Cannabis holding company Canopy Rivers Inc (CVE:RIV) was also down 4.1% after its portfolio company TerrAscend Corp (CSE:TER) signed an agreement to acquire Ilera Healthcare, a Pennsylvania-based cultivator and dispensary operator.

TerrAscend was also down 3.1% at C$6.47.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: The Green Organic Dutchman Holdings Ltd

Price: 1.28 CAD

TSX:TGOD
Market: TSX
Market Cap: $352.57 m
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Buds & Duds: Cannabis stocks struggle as analysts cautious on Canadian sector

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