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Buds & Duds: Cannabis stocks trend lower; CB2 Insights rises on new UK deal

Also on the move were Weekend Unlimited, Harvest One Cannabis and Cronos Group

marijuana pot leaf stocks
CB2 will license its technology to the UK's MyAccess Clinics to manage their patient data.

Cannabis stocks trended lower on Thursday across the US and Canada.

The North American Marijuana Index, which tracks the top cannabis stocks in both countries, lost 2.3% to hit 173.9 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF fell 1.1% to C$14.26, while the OTCQX Cannabis Index inched 0.2% higher to 646.7 points.

Buds

Medical cannabis data group CB2 Insights Inc (CSE:CBII) (OTCMKTS:CBIIF) saw its shares jump after revealing it had increased its market presence in the UK.

The company told investors Thursday it will license its technology to MyAccess Clinics (MAC) to manage their patient data. The group operates multiple clinics in the UK and is focused on providing care for patients with unmet needs, which licensed medicines have failed to address.

Shares of the Toronto-based cannabis company sailed 7.7% higher on the news to rest at C$0.14 in Canada and were 5% higher on OTC markets at US$0.11.

Also moving higher was Weekend Unlimited Inc (CSE:POT) (OTCMKTS:WKULF) after announcing that it is entering the hemp-derived CBD space with its WKND! Wellness product line, which will soon be available online and for retail sales in the United States.

Its shares jumped 6.7% to C$0.08 in Canada and 12.7% on OTC markets at US$0.06.

Harvest One Cannabis Inc (CVE:HVT) (OTCMKTS:HRVOF) also saw a nice bump on Thursday on news that its portfolio company Burb has been awarded its first two retail cannabis licenses in British Columbia.

Shares of Harvest One rose 3.1% to C$0.50 in Toronto and traded down 0.2% on OTC markets at US$0.36.

Duds

Shares of multistate operator Cronos Group Inc (NASDAQ:CRON) (TSE:CRON) fell on the day after announcing a new manufacturing agreement with MediPharm Labs Corp (TSE:LABS) (OTCMKTS:MEDIF).

The two-year agreement sees MediPharm providing filling of high-quality formulated concentrate, labelling and packaging services to Cronos.

Cronos shares were down 4.7% in Toronto at C$13.87 and 4.8% in New York at US$10.43.

Cannabis analytics and software company Lift & Co Corp (CVE:LIFT) bled on Thursday, dropping almost 19% in Canada at C$0.15. The company closed a C$3.5 million private placement eight days ago.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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