Cannabis stocks were mixed on Monday amidst a flurry of news to kick off the week.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, lost 0.6% at 122 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF inched 0.4% higher to C$9.52, while the OTCQX Cannabis retreated 2.5% at 461.3 points.
True Leaf Brands Inc (CSE:MJ) (OTCMKTS:TRLFF) revealed Monday that its subsidiary True Leaf Cannabis Inc has secured licenses from Health Canada to cultivate, process and sell cannabis for medical purposes from its 18,000-square-foot True Leaf Campus facility in Lumby, British Columbia.
The news sent the Canadian company’s shares 16.7% higher in Canada at C$0.14 and 5.6% higher over the counter at US$0.10.
Heritage Cannabis Holdings Corp (CSE:CANN) (OTCMKTS:HERTF) was also higher on Monday following news that its subsidiary CannaCure Corporation received approval from Health Canada to expand its Ontario extraction facility.
CannaCure’s Fort Erie facility’s extraction capabilities will be boosted by the expansion of three additional rooms as a result of the amended license granted by the Canadian cannabis regulator.
Shares of Heritage were 7.7% higher in Canada at C$0.28 and 8.2% higher over the counter at US$0.22.
In large cap news, Canopy Growth Corporation (TSE:WEED) (NYSE:CGC) shares were up 3.4% in Toronto at C$25.30 and 3.2% in New York at US$19 after Health Canada granted the cannabis cultivator a license for its new beverage facility in Smith Falls, Ontario.
Pharmaceutical CBD producer Cardiol Therapeutics Inc (TSE:CRDL) (OTCMKTS:CRTPF) fell 3.6% in Toronto at C$3.22 and 2.1% on OTC markets at US$2.45 after its CEO commented on the US Drug Enforcement Agency’s decision to deschedule its supplier Purisys’s cannabinoid ingredients.
"This landmark decision underscores Cardiol's rationale for selecting Purisys to supply the API for our CardiolRx formulation and supports our unwavering commitment to produce the safest and most consistent cannabidiol formulations for patients who should not be exposed to THC,” said CEO David Elsley in a statement.
Also down on Monday was Charlotte’s Web Holdings Inc (TSE:CWEB) (OTCMKTS:CWBHF), which sank 6.1% in Toronto at C$13.14 and 6.4% over the counter at US$9.87 after announcing a C$66.3 million public offering.
Aurora Cannabis Inc (TSE:ACB) (NYSE:ACB) also fell on Monday, down 2.2% in Toronto and 3.3% in New York at C$3.50 and US$2.61 respectively. The cannabis grower converted 99% of its $C230 million debentures into 69 million shares.
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