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Buds & Duds: Cannabis stocks sputter to open the week but GW Pharmaceutical rises on Buy rating

The sector struggled overall, but a couple companies made headway on positive news

Cannabis stocks dropping graphic
GW Pharmaceuticals shares increased after Needham & Co initiated coverage of the stock with a Buy rating and a $200 price target.

Cannabis stocks on Monday continued on their downward trend.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, fell 2% to 136.54 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF lost 1.5% to C$10.44, while the OTCQX Cannabis Index sank 2.1% to 497 points.

Buds

Despite trouble for the sector, a few marijuana stocks managed to sneak into positive territory.

GW Pharmaceuticals plc (NASDAQ:GWPH) shares increased after analysts at Needham & Co initiated coverage of the stock with a Buy rating and a $200 price target. 

Shares climbed almost 3% to US$121.49. 

MariMed Inc (OTCMKTS:MRMD) announced the acquisition of two of its cannabis-licensed clients in Illinois, KPG Anna and KPG Harrisburg.

Traders liked the consolidation, sending shares 5.4% higher to US$0.78.

Meanwhile, Tilray Inc (NASDAQ:TLRY) rose 1.1% to $21.60; ICC International Cannabis Corp (CSE:WRLD.U) (OTCMKTS:WLDCF) jumped 14% to C$0.04 in Toronto and 12% to US0.04 in New York; and 1933 Industries Inc increased 1.4% to US$0.20 on OTC Markets.

Duds

Among those driving the industry down, General Cannabis Corp (OTCMKTS:CANN) lost 8.3% to trade at US$0.58.

Terra Tech Corp (OTCMKTS:TRTC) fell 7.1% to US$0.26, while Origin House (CSE:OH) (OTCMKTS:ORHOF) dropped nearly 8% to C$6.35 on the CSE and nearly 7% to US$4.84 on OTC Markets.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

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