Cannabis stocks stayed quiet on Monday across North American markets.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was flat at 130.9 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF nudged 0.5% higher to C$10.55, while the OTCQX Cannabis Index dropped 0.6% to 446.7 points.
Flower One Holdings Inc (CSE:FONE) (OTCMKTS:FLOOF) gained ground on Monday after it told investors that it has begun talks to acquire a strategic property in California, marking its expansion into the Golden State.
The company also said that its revenue from current operations was “tracking strong” with a compound weekly growth rate of 15% since the first official sale out of its flagship Nevada greenhouse in August.
Shares of Flower One were up 4% at C$1.57 in Canada and 2.4% on OTC markets at US$1.19.
Also on the move was Core One Labs Inc (CSE:COOL) (OTCMKTS:CLABF), which rocketed 31% higher in Canada at C$0.55 and up 8% on OTC markets at US$0.34 on a new agreement to acquire British Columbia’s Rainy Daze Cannabis Corp and with it, 2,210 square feet of canopy space and a 3,500 sq-ft operational building.
TerrAscend Corp (CSE:TER) (OTCMKTS:TRSSF) sank 6.3% in Canada on Monday after unveiling preliminary unaudited revenue for the third quarter that has the cannabis company missing projections.
"Over the course of the past several months, it has become clear that the Canadian cannabis marketplace has not developed at the pace we and others anticipated, particularly related to the rollout of retail storefronts," said Michael Nashat, CEO of TerrAscend.
"Under these conditions, we believe it is prudent to adopt a more measured approach in Canada.”
Shares of TerrAscend were also down 5.5% on OTC markets.
Sunniva Inc (CSE:SNN) (OTCMKTS:SNNVF) lost 9.3% in Canada and 8% in the US after updating investors on the sale of its medical division to CannaPharmaRx. The company said it was “confident” that the transaction would still be completed.