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Buds & Duds: Cannabis stocks a mixed bag as big names report results; Weekend Unlimited rises on hemp license

There were a few standouts to start the day but big names fell after releasing results

Weekend Unlimited Inc. -
Buds for the day included Weekend Unlimited, Namaste and Heritage Cannabis

Cannabis stocks were a mixed bag on Tuesday with some standouts but a few big misses as quarterly results began rolling out in earnest.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, slipped 0.9% at 128.9 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF fell 0.6% to C$10.39, while the OTCQX Cannabis Index gained 1.4% at 474.7 points.

Buds

Canadian cannabis firm Weekend Unlimited Inc (CSE:POT) (OTCQB:WKULF) jumped on Tuesday on news that the company's majority-owned Northern Lights Organics farm in Fort St James, British Columbia has secured an industrial hemp licence, required to cultivate and sell industrial hemp, from Health Canada.

In a statement, CEO Chris Backus said the 600-acre Northern Lights Organics hemp farm is advancing ahead of schedule.

Shares of Weekend Unlimited gained 12.5% in Canada at C$0.045 and 11.4% on OTC markets at US$0.04.

Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) also saw its shares move higher after the Toronto-based company announced that its subsidiary CannMart Inc signed new supply agreements with the provincial governments in Ontario and Saskatchewan to secure the firm’s products as part of the cannabis value chain in the provinces.

Namaste shares gained 9.3% in Toronto at C$0.41 and 8.5% on OTC markets at US$0.31.

Also growing was Heritage Cannabis Holdings Corp (CSE:CANN) (OTCMKTS:HERTF), which was up nearly 5% after it inked a deal with James E Wagner Cultivation Corporation (CVE:JWCA) (OTCMKTS:JWCAF) to fill and pack a line of vape pen cartridges for Canadian recreational and medical markets

Duds

Organigram Holdings Inc (TSE:OGI) (NASDAQ:OGI) saw its shares fall sharply after it warned investors on Tuesday that its fourth-quarter revenue is expected to be lower than its third quarter ahead of its expected full-year results on November 25.

The Canadian producer said it expects net revenue for the quarter ended Aug 31 to amount to $16.3 million, compared with net revenue of $24.8 million in the third quarter.

Investors fled from Organigram shares, which declined 14.8% in Canada and 11.8% in the US to rest at C$3.80 and US$2.94, respectively.

Among companies reporting today, MediPharm Labs Inc (TSE:LABS) (OTCMKTS:MEDIF) lost 6.1% in Canada and 6.4% on OTC markets despite reporting a 38% increase in revenue at nearly C$44 million and a net income of C$3.3 million for its third quarter. The company was hit with higher operational expenditures for the quarter and a decreased cash position, however.

Aleafia Health Inc (TSE:ALEF) (OTCMKTS:ALEAF) was also down 6.5% in Toronto and 4.2% on OTC markets after posting C$5.3 million in total revenue and net income of C$1.9 million.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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