Cannabis stocks stumbled into the weekend, closing out a tough week for the sector despite a key governmental decision that signals a step towards normalization of the pot business in the US.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, lost 1.4% to 152.5 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF was also down 3.1% to C$12.68, while the OTCQX Cannabis Index dropped 1.8% to 558.7 points.
Following a brief bump after the US House of Representatives passed the SAFE Banking Act that allows cannabis companies to access American financing, most pot stocks closed out the week flat.
However, Weekend Unlimited Inc (CSE:POT) (OTCMKTS:WKULF) managed to buck the trend in a major way on Friday following the announcement that it was accelerating the launch of its branded edibles in the state of Oklahoma due to demand and as it reassured over the safety of its WKND! branded vaping products amid fears of lung-related illnesses.
The firm's edible line is to include three products containing 2.5mg, 5mg and 25mg of THC - a thin chocolate bar with salt sprinkles, gummies and hard candies, the firm said in a statement.
Shares of Weekend Unlimited jumped 16.7% on Friday morning to C$0.07 and 12.3% on OTC markets at US$0.05.
Another pot company seeing green was Dixie Brands Inc (CSE:DIXI.U), which rose 2.1% in Canada on the news that it had agreed a deal with Herbal Enterprises LLC, an affiliate of the AriZona brand, to extend the deadline to launch a collection of THC-infused cannabis products to November 14, 2019.
Shares of Dixie were trading at US$0.49 on the Canadian Securities Exchange and on OTC markets on Friday morning.
GTEC Holdings Ltd (CVE:GTEC) (OTCMKTS:GGTTF), the Kelowna-based cannabis investment company, saw its shares rise 8.3% in Canada to C$0.26 and 11.9% on OTC markets to US$0.20.
Companies were quiet on Friday, but a handful of marijuana firms were still seeing red.
Also on the downswing was Auxley Cannabis Group Inc (CVE:XLY) (OTCMKTS:CBWTF), which sank 5.6% in Toronto to hit C$0.84 and 3.2% on OTC markets at US$0.64.
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