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Buds & Duds: Cannabis shares face harsh market conditions; Exactus shines on hemp production news

Exactus reported that it is on track to produce 10,000 pounds of smokeable hemp — 10,000 more than expected

Cannabis stocks dropping graphic
The CBD producer began harvesting on September 15 and plans to continue through November

Cannabis stocks struggled across the board on Tuesday.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada fell 5.2% to 158.8 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF lost 5.5% to C$13.01, and the OTCQX Cannabis Index sank 6% to 586.5 points.

Duds

Hexo Corp (NYSE:HEXO) (TSE:HEXO) fell as investors engaged in some probable profit-taking. The stock gained 11% over Friday and Monday on the NYSE  after an analyst from MKM Partners initiated coverage with a Buy rating.

On Tuesday, shares dropped 5.7% to US$4.15 on Wall Street and 6% to C$5.49 on Bay Street.

Cronos Group Inc (NASDAQ:CRON) (TSE:CRON) was also lagging on the day, down 8.6% to US$9.36 in New York and 8.6% to C$12.39 in Toronto. The company announced Tuesday that it will present at the CIBC 18th Annual Eastern Institutional Investors Conference.

Elsewhere, GW Pharmaceuticals plc (NASDAQ:GWPH) lost 6.2% to land at US$118.66; Innovative Industrial Properties Inc (NYSE:IIPR) slid 6% to US$89.83 and Aurora Cannabis Inc (NYSE:ACB) declined 6.3% to US$4.76.

Buds

But Exactus Inc (OTCMKTS:EXDI) surged more than 20% after announcing Tuesday that it is on track to produce more than 30,000 pounds of smokeable flower from its hemp farms, 10,000 pounds more than it originally projected. 

The CBD producer began harvesting on September 15 and plans to continue through November. The crop is healthy, the company said, and passed Oregon Department of Agriculture tests. 

Exactus stock was up 22% to US$0.70.

Other rare bright spots included MariMed Inc (OTCMKTS:MRMD) gaining 12% to US$1.14 and MYM Nutraceuticals Inc (CSE:MYM) (OTCMKTS:MYMMF) improving 7.1% to C$0.23 on the CSE and 3.1% to US$0.17 on OTC Markets.

—Updated to include closing prices—

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

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