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Buds & Duds: Cannabis stocks on the upswing; Aurora gains as major construction projects near completion

The Edmonton-based cannabis giant made significant investments in its bid to increase its global presence

cannabis
Also on the move was The Flowr Corporation, TILT Holdings, MariMed and Ignite

Cannabis stocks finally saw green on Thursday, reversing a downward trend after a tough week of trading for marijuana companies.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, gained 1.2% to 148.3 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF inched 0.6% higher to C$11.77, while the OTCQX Cannabis Index gained 3% to 540 points.

Buds

Aurora Cannabis Inc (TSE:ACB) (NYSE:ACB) saw an uptick on Thursday after it updated shareholders on its global operations and growth strategy.

The Edmonton-based cannabis company said that many of the firm’s significant construction projects are nearing the completion of major milestones with significant capital investments concluded.

Shares of Aurora rose 4.1% in Canada to C$5.79 and added 4.3% in New York at US$4.33.

Other companies seeing green on Thursday included The Flowr Corporation (CVE:FLWR) (OTCMKTS:FLWPF), which was up 3.5% in Toronto at C$2.37 and 3.6% on OTC markets at US$1.78.

The medical cannabis company has had a quiet September but did announce a new executive appointment, bolstering its team with former MedReleaf Corporation vice president Ivan Latysh as chief technology officer, a newly created role.

TILT Holdings Inc (CSE:TILT) also moved higher again, jumping 25% on Thursday, regaining ground lost after an earlier drop this week.

Duds

Among the few laggards on Thursday was MariMed Inc (OTCMKTS:MRMD), which dropped 6.7% on OTC markets at US$0.84. KushCo Holdings Inc (OTCMKTS:KSHB) also sank 4.5% at US$1.68.

Others on the downswing included Ignite International Brands Ltd (CSE:BILZ), down 2.1% in Canada at C$2.30; World Class Extractions Inc (CSE:PUMP), down 7.1%% at C$0.07 and GrowGeneration Corp (OTCMKTS:GRWG), which lost 3.4% at US$4.04.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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