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Buds & Duds: Cannabis stocks end the week in the green; Harvest One gains on executive appointment

Other gainers included cannabis investment vehicle Canopy Rivers and CBD-infused beverage company Hill Street

cannabis stocks
Cannabis stocks were broadly trading in the green on Friday

Cannabis stocks were up across the board on Friday in a positive end to the first week of September.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was up 1.8% to hit 191.2 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF gained 1.5% to C$15.18, while the OTCQX Cannabis Index rose a healthy 2.5% to 693 points.

Buds

Vancouver-based Harvest One Cannabis Inc (CVE:HVT) (OTCMKTS:HRVOF) was trading 7.7% higher at C$0.56 on Friday morning after announcing a new executive appointment.

The company announced Thursday evening that it had tapped Andy Bayfield as chief commercial operator to manage the company’s sales, marketing, and distribution channels globally.  

Bayfield has a proven track record of leading sales transformation, accelerating product innovation, and defining routes to market internationally, the cannabis company said in a statement accompanying the news.

Other gainers included cannabis investment vehicle Canopy Rivers Inc (CVE:RIV), which jumped nearly 11% after announcing it had received final approval to uplist to the Toronto Stock Exchange.

Shares of Canopy Rivers will begin trading on the big board on September 9 under the symbol RIV.

Also in positive territory was Hill Street Beverage Company Inc (CVE:BEER), which gained 5.5% on Friday morning despite a lack of new news.

Duds

A few laggards bucked the upward trend on Friday, however small.

The regulatory scandal surrounding CannTrust Holdings Inc (TSE:TRST) continued to hound the cannabis company on Friday after news that the company knowingly procured cannabis seeds from the black market and added them to its legal grow operation, flouting Health Canada rules.

Shares of CannTrust lost 2.2% on Friday morning.

Aleafia Health Inc (TSE:ALEF) lost 2.9% on early Friday trading but regained some ground throughout the morning.

The company announced that it has acquired new land adjacent to its outdoor grow facility in southeastern Ontario, expanding its capacity by 60 acres.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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