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Buds & Duds: Cannabis stocks green to start week; Nabis Holdings rises on new acquisition

Cannabis shares largely grew across the board in North America

Nabis Holdings Inc. -
Also moving was Hill Street Beverage, FSD Pharma and Harborside Inc

Cannabis stocks led the week with gains on Monday as shares grew across the board in North America. 

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada rose 0.9% to 140.7 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF inched 0.5% up to C$11.16, while the OTCQX Cannabis Index gained 1.3% to 494.5 points. 

Buds 

A handful of stocks were in the green to start the week. 

Nabis Holdings Inc (CSE:NAB) (OTCMKTS:NABIF) saw its shares rise 6.7% after announcing it completed the acquisition of 100% of the membership units of Perpetual Healthcare Inc.  

The acquisition, previously announced on August 12 and October 16, included Arizona-based Emerald Phoenix, a licensed medical marijuana dispensary and Infusion Edibles, a popular cannabis-infused snack and beverage brand. 

Shares of Nabis were trading at C$0.08 in Canada on Monday morning. 

Other gainers included Hill Street Beverage Company Inc (CVE:BEER) (OTCMTKS:HSEEF), up 7.1% in Canada and 9.4% in the US, FSD Pharma Inc (CSE:HUGE) (OTCMKTS:FSDDF), which rose 3.6% in Canada, and Harborside Inc (CSE:HBOR) (OTCMKTS:HSDEF), jumping 13.3% in Canada and 16.6% on OTC markets after announcing new management appointments. 

Duds 

Sundial Growers Inc (NASDAQ:SNDL) fell 5.1% on Monday after announcing a new deal with dermatology company Crescita Therapeutics Inc (TSE:CTX) (OTCMKTS:CRRTF) for worldwide rights to Crescita’s transdermal delivery technologies for the development of topicals containing cannabis and hemp. 

Calgary-based Sundial will fund the development and formulation costs and will have the worldwide marketing and distribution rights for the newly developed products, as well as support Crescita in applying for and obtaining its cannabis processing license.  

Khiron Life Sciences Corp also dropped 7% in Canada on Monday and 5.1% on OTC markets, while Aphria Inc (TSE:APHA) (NYSE:APHA) lost 2.7% in Canada and 4.6% in New York. 

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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