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Buds & Duds: Cannabis stocks inch lower across North America but Nabis Holdings shines ahead of California debut

Nabis announced it has amended the terms of the acquisition of Desert’s Finest dispensary in California

cannabis us dollar
Also on the move were Valens, Curaleaf, 48North and MediPharm

Cannabis stocks inched lower on Tuesday as the major indices were in the red again across North America.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, lost 0.4% to 142.4 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF was also down 1.8% to C$11.69, while the OTCQX Cannabis Index dropped 0.3% to 499.5 points.

Buds

Nabis Holdings Inc (CSE:NAB) (OTCMKTS:NABIF) shares jumped on Tuesday after the cannabis company said it has amended the terms of the acquisition to gain 100% ownership of the Desert’s Finest dispensary for US$5.6 million. The total price now consists of US$1.9 million in cash and US$3.8 million as a convertible note instead of a stock consideration.

The Vancouver-based company’s acquisition marks the company’s entrance into the booming California marijuana market.

Shares of Nabis were up 7.7% in the morning at C$0.07 in Canada and trading slightly lower on OTC markets at US$0.05.

Valens GroWorks Corp (CVE:VGW) (OTCMKTS:VGWCF) was also up around 7% in Toronto and 6% on OTC markets on no new news. Last week, the extraction company said it received authorization from Health Canada to manufacture and supply oil products directly to provincial distributors and other Canadian retail-supply channels.

Valens shares were at C$3.05 in Canada and at US$2.29 on OTC markets.

US multistate operator Curaleaf Holdings Inc (CSE:CURA) (OTCMKTS:CURLF) also saw a boost on Tuesday, trading 4% higher in Canada at C$7.46 and 4.4% higher on OTC markets at US$5.65.

Duds

48North Cannabis Corp (CVE:NRTH) (OTCMKTS:NCNNF) fell sharply on Tuesday morning after it announced its fiscal 2019 results showing revenue of C$4.8 million against a net loss of C$8.1 million.

The cannabis cultivator’s shares dropped 12.9% in Canada at C$0.54 and 12.1% on OTC markets at US$0.41.

Also lower was MediPharm Labs Corp (TSE:LABS) (OTCMKTS:MEDIF) lost 7.1% in Toronto at C$3.53 and 5.9% on OTC markets at US$2.69, after it told shareholders it completed its second set of export shipments of medical cannabis concentrate, which were 137% greater in volume compared to its first export into Australia in June.

Sugarbud Craft Growers Corp (CVE:SUGR) also fell 5.9% at C$0.08 after it announced new board appointments on Tuesday.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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