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Buds & Duds: Cannabis stocks hold steady; Weekend Unlimited jumps after receiving key certification

Weekend Unlimited announced its majority-owned Northern Lights Organics farm in British Columbia has achieved certified organic land certification

pot greenhouse
Also on the move were Charlotte's Web, Valens, MedMen and Cresco Labs

Cannabis indices held steady on Wednesday as investors remained cautiously optimistic about signs of life in North American markets.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada crept 0.4% higher to 140.8 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF inched up 0.3% to C$11.52, while the OTCQX Cannabis Index slipped 0.4% to 514.4 points.

Buds

Weekend Unlimited Inc (CSE:POT) (OTCMKTS:WKULF) was a standout on Wednesday after it announced its majority-owned Northern Lights Organics farm in Fort St James, British Columbia has achieved certified organic land certification.

In a statement, Weekend Unlimited CEO Chris Backus described the development as a “monumental milestone” which puts the company in a position to produce high-quality organic CBD from its own Canadian-grown certified organic hemp and sell it in the national and international markets.

Shares of Weekend Unlimited jumped 8.3% to C$0.07 in Canada and were trading at US$0.04 on OTC markets.

Charlotte's Web Holdings Inc (TSE:CWEB) (OTCMKTS:CWBHF) was also in the green on Wednesday morning after announcing a new relationship with analytics firm Nielsen (NYSE:NSLN) that will see the two companies provide much-needed data and insights on the booming CBD market in the US.

Charlotte’s Web shares grew 2.5% in Toronto at C$18.24 and 1.7% on OTC markets at US$13.60.

Extraction company Valens GroWorks Corp (CVE:VGW) (OTCMKTS:VGWCF) jumped nearly 4% in Toronto at C$3.18 and 4.8% on OTC markets at US$2.41. The Kelowna, BC-based company is releasing its 3Q results next week.

Duds

MedMen Enterprises Inc (CSE:MMEN) continued to sink after yesterday’s announcement that it was terminating a proposed merger with PharmaCann LLC.

The cannabis retailer also parted ways with its CFO Michael Kramer this week, a move which Roth Capital Partners analysts believe had a bigger impact on its shares.

“We were surprised by both announcements and perceived business shift, and especially taken aback by the termination of CFO Michael Kramer,” Roth analyst Scott Fortune wrote.

“We believe Mr. Kramer's initiatives will stay in place as Mr. Hyder takes over as CFO and will continue to steer MMEN toward profitability by executing on nearer-term revenue growth opportunities and margin expansion to reach positive EBITDA by the end of 2020.”

MedMen stock sank 3.5% in Canada at C$1.91.

Cresco Labs Inc (CSE:CL) shares also fell 1.1% in Canada at C$7.44 after it said it had closed the acquisition of Valley Agriceuticals LLC parent company Gloucester Street Capital LLC to give them a foothold in the state of New York.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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