Cannabis stocks had a rough start to the week on Monday, with shares broadly down across North American markets.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, lost 4.3% to 142.8 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF was also down 3.5% to C$11.94, while the OTCQX Cannabis Index dropped 4.8% to 507.9 points.
On a tough day for the sector, a handful of pot companies managed to stay in the green on Monday.
Mojave Jane Brands Inc (CSE:JANE) (OTCMKTS:HHPHF) spiked 18.2% in Canada to trade at C$0.13, a week following the news that it is investing C$500,000 into cannabis delivery company SpeedWeed.
The C$500,000 investment into SpeedWeed’s owner, 2083 Group, will be used to expand the delivery company’s existing Southern California market reach, the company told investors last week.
Technology company Lift & Co Corp (CVE:LIFT) (OTCMKTS:LFCOF) saw a rise in shares after announcing that all of the nominees for the annual meeting of shareholders were elected to the board of directors.
Shares of the Toronto-based company lifted 6.5% in Canada to C$0.17.
The medical marijuana company is working with TruTrace on a cannabis verification project for Shoppers Drug Mart, the largest pharmacy in Canada.
With shares down across the board, most companies saw stocks in the red on Monday.
Among companies with news, Avicanna Inc (TSE:AVCN) (OTCMKTS:AVICF) fell 4.4% in Canada after announcing plans to build a new industrial scale 11,000 square-foot cannabinoid extraction and final product manufacturing facility in a Colombian free trade zone near Santa Marta.
Zenabis Global Inc (TSE:ZENA) dropped 7.1% to C$0.91 in Toronto and fell 6.7% to US$0.70 on the OTC Markets following news of an agreement with PAX Labs Inc where Zenabis will supply cannabis extracts for PAX Era Pods designed for use with the PAX Era vaporizer device.
The big losses of the day, however, belonged to MediPharm Labs Corp (TSE:LABS) (OTCMKTS:MEDIF) at 12.5%, Aphria Inc (TSE:APHA) (NYSE:APHA) at 5.1% and Aurora Cannabis Inc (TSE:ACB) (NYSE:ACB) at 5.2%.
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