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Buds & Duds: Cannabis stocks roll quietly into the weekend, Halo Labs sees positive momentum from Lesotho-based acquisition

Halo plans to buy Lesotho-based Bophelo Bioscience & Wellness, which boasts the southern African country’s largest land area for medicinal grade cannabis cultivation

cannabis sunset
Also moving on Friday were Hill Street Beverage Company, MedMen and Flower One Holdings

Cannabis stocks retreated slightly across North America as the markets headed into the last weekend of November.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, inched up 0.2% at 117.9 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF gained 1.3% to C$9.34, while the OTCQX Cannabis grew 0.5% at 450.5 points. 

Buds 

Hill Street Beverage Company Inc (CVE:BEER) (OTCMKTS:HSEEF) released quarterly results on Thursday evening that saw its shares gain 8% on Friday morning before losing a bit of ground at the midway point.

CEO Terry Donnelly said the company strengthened its brand and distribution network over the last two years, which resulted in an increase in sell through to retail during the fiscal first quarter of 2020. 

Shares of the beverage company traded around C$0.06 in Toronto and US$0.05 over the counter.

Extraction company Halo Labs Inc (NEO:HALO) (OTCMKTS:AGEEF) rocketed 11.3% higher over the counter and 5.6% higher in Canada on Friday after the cannabis company announced earlier its plans to acquire Lesotho-based Bophelo Bioscience & Wellness, which boasts the southern African country’s largest licensed land area for cultivation of medicinal grade cannabis products. 

Shares of Halo traded at around US$0.29 over the counter and C$0.39 in Canada on Friday morning.

MedMen Enterprises Inc (CSE:MMEN) (OTCMKTS:MMNFF) also found itself in the green on Friday, regaining ground it lost earlier in the week after posting its quarterly results. Shares of the retailer were up 18.4% in Canada at C$0.58.

Duds

Flower One Holdings Inc (CSE:FONE) was down 5.5% on Friday morning in Canada, capping off its results week. This week research firm Roth Capital Partners reiterated its Buy rating on the stock, saying the company “continues to execute on several growth initiatives including cultivating at industry-low costs, enhancing its brand portfolio through partnerships with leading Canada/Nevada brands and increasing its overall Nevada retail/wholesale market presence.”

Flower One stock traded at C$0.86 on Friday in Canada.

The big trio of Aurora Cannabis Inc (TSE:ACB) (NYSE:ACB), Canopy Growth Corporation (TSE:WEED) (NYSE:CGC) and Tilray Inc (NASDAQ:TLRY) all ended the week in the red, down 4.7%/0.5%, 4%/1.4% and 3.6% respectively.

Contact Angela at [email protected] 

Follow her on Twitter @AHarmantas 

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