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Buds & Duds: Cannabis stocks trend slightly lower; Mojave Jane soars on SpeedWeed direct-to-consumer launch

Mojave owns an interest in the cannabis delivery company, which has more than 200,000 registered users

Stock graph and stack of gold coins overlayed with cannabis plant
Elsewhere, Hexo lost back some ground a day after spiking on private placement news

Cannabis stocks didn't shift dramatically by midday Thursday, but the major marijuana indices trended slightly lower.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, fell almost 1% to 138.4 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF was flat at C$10.92, while the OTCQX Cannabis Index ticked 0.3% lower to 486.4 points.

Buds

Mojave Jane Brands (CSE:JANE) (OTCMKTS:HHPHF) stock rocketed higher after the company revealed Thursday that SpeedWeed, in which it holds an interest, has launched its direct-to-consumer platform, SpeedWeed D2C. 

SpeedWeed, California's leading cannabis delivery company, has over 200,000 registered users and an expansive data set on consumer preferences that provides valuable intel on marketing and production logistics. 

Shares of Mojave surged 27% to C$0.07 in Toronto and nearly 21% to US$0.05 in New York.

READ: Mojave Jane’s SpeedWeed launches direct-to-consumer e-commerce platform

MYM Nutraceuticals Inc (CSE:MYM) (OTCMKTS:MYMMF) told investors Thursday that it had complied with a Health Canada request for clarification on its cultivation application for its Laval, Quebec facility. 

"The team moved quickly to satisfy Health Canada's requests and we're now confident our application is complete,” CEO Howard Steinberg said in a statement. “We look forward to receiving our license for the Laval facility shortly."

NYM stock jumped 5% to C$0.11 on the CSE and 18% to US$0.09 on OTC Markets.

Tilray Inc (NASDAQ:TLRY) announced that it imported medical cannabis into the US for a first-ever clinical trial evaluating its efficacy in breast cancer patients with taxane-induced peripheral neuropathy, a condition in which nerves carrying messages from the brain and spinal cord are damaged.

The Phase 2 study will test 100 patients secondary to treatment with chemo agents over eight weeks using a pain questionnaire to measure results. The patients will be randomized to receive either a product containing THC and CBD or a product with no active cannabinoids twice daily.

Traders sent Tilray’s share price 3.4% higher to US$23.40.

Duds

Hexo Corp (TSE:HEXO) (NYSE:HEXO) fell back a little after spiking Wednesday on news of a $70 million private placement of convertible debentures. 

The group of investors includes CEO Sebastien St-Louis and four members of the board.

The consumer packaged goods cannabis company’s stock slid 2.6% to C$3.42 on Bay Street and nearly 3% to US$2.61 on Wall Street.

Sunniva Inc (CSE:SNN) (OTCMKTS:SNNVF) struggled for the second day in a row. The medical cannabis company lost another 1.4% to C$1.40 on the CSE and 4.5% to US$1.05 on OTC Markets. 

Others that faltered were infrastructure and technology cannabis company TILT Holdings Inc (OTCMKTS:TLLTF), which fell 4.5% to US$0.38 and packaging supplies company KushCo Holdings Inc (OTCMKTS:KSHB), which dropped 2.5% to US$1.55.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

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