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Buds & Duds: Cannabis stocks continue to lag but Codebase Ventures soars on land acquisition for CBD hemp farm

Codebase Ventures subsidiary Code Cannabis Investments announced a deal Tuesday to acquire 45 acres of certified organic land in New Berlin

Stock cannabis symbol
Also on the move were Lexaria Bioscience, Namaste, iAnthus, Acreage and Charlotte’s Web

Cannabis stocks continued to slip on Tuesday, after a tough start to the week. 

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, dropped 1.3% at 181.1 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF was down 1.8% at C$14.26, while the OTCQX Cannabis Index slipped 2% at 626.2 points.

Buds

Despite the drops, a number of cannabis stocks were outperforming Tuesday. 

Codebase Ventures Inc (CSE:CODE) (OTCMKTS:BKLLF) shares were on the rise Tuesday after subsidiary Code Cannabis Investments announced a deal Tuesday morning to acquire 45 acres of certified organic land in New Berlin, New York for US$125,000. The plan is to grow hemp to use for cannabidiol (CBD) extraction. 

Shares of Codebase Ventures were up 12.5% at C$0.05 in Toronto, up 5.7% at US$0.04 in New York by midday. 

“We see this farm as a hub for the company on the East Coast, beginning with production and extraction in partnership with other companies and the potential development of our own organic hemp and hemp-derived CBD brands,” said Code Cannabis Investments CEO Zach Stadnyk in a statement.

READ: Codebase Ventures' Code Cannabis Investments buys certified organic farm in upstate New York

Also on the rise was Lexaria Bioscience Corp (CSE:LXX) (OTCMKTS:LXRP), which announced Tuesday it has been granted a new patent in Australia to protect its proprietary drug delivery platform.

Shares of Lexaria were up 2.2% at C$0.92 in Canadian trading. 

The Kelowna, BC-based company is pioneering its DehydraTECH technology, which changes the way that active pharmaceutical ingredients enter the bloodstream to promote healthier methods of ingestion and increase overall effectiveness. The new patent covers ready-to-drink beverage compositions, which complements Lexaria's patent for orally ingestible configurations.

READ: Lexaria Bioscience picks up new patent for DehydraTECH drug delivery technology

Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) shares continued to rise Tuesday after it announced on Monday that it has appointed Meni Morim as the Canadian cannabis e-commerce platform company’s permanent chief executive officer. 

Shares of Namaste rose 1.1% at C$0.46 in Toronto. 

Morim has been the company's interim CEO since February, and its chief product officer since May 2018.

READ: Namaste Technologies names Meni Morim as permanent CEO and board member
Duds

iAnthus Capital Holdings Inc (CSE:IAN) (OTCMKTS:ITHUF) shares were dragging Tuesday after the firm released its 2Q fiscal results on Monday. 

Shares were down 4.8% at US$2.41 in New York, off 5.9% at C$3.18 in Toronto. 

The firm operates cannabis cultivation, processing and dispensary facilities throughout the US. 

For 2Q, iAnthus reported a net loss of US$9.3 million, compared to US$35.4 million in the year-ago period. Revenue came in at US$19.2 million, a significant boost from the US$25,600 reported a year earlier. 

Also lagging Tuesday was New York-based Acreage Holdings Inc (CSE:ACRG-U) (OTCMKTS:ACRGF), which was down 7.2% at C$8.16 in Toronto, off 7.4% at US$8.10 in New York. 

Colorado-based Charlotte’s Web Holdings Inc (CSE:CWEB) (OTCQ:CWBHF), the maker of hemp-derived CBD extract products, was also lower, down 7% at C$21.27 in Canadian trading, off 7% at US$16.08 on no news. 

-- Harriet Mclelland contributed to this report -- 

Contact Katie Lewis at [email protected]

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