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Buds & Duds: Marijuana stocks mixed at open; CB2 Insights heads higher on new medical cannabis partnership

The Toronto-based company partnered with the first Colombian cannabis company to be fully licensed in cultivation

person smoking a joint
Also moving were Charlotte's Web, Aurora Cannabis, Harvest Health & Recreation and Cresco Labs

Cannabis stocks were a mixed bag on Tuesday across North American markets.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, fell 1.2% at 113 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF was up 0.9% at C$9.11, while the OTCQX Cannabis dropped 1.8% at 435.1 points.

Buds

CB2 Insights Inc (CSE:CBII) (OTCQB:CBIIF) shares rose on Tuesday after the data company revealed it is partnering with licensed producer FCM Global S.A.S, the first Colombian cannabis company to be fully licensed in cultivation, manufacturing and export of low-THC cannabis extracts, to support medical cannabis research and clinical trials. 

In a statement, the Toronto-based company said the partnership will work to create market access and design clinical trials to support the deployment of future FCM cannabinoid-based products.

CB2’s shares gained 33.5% over the counter at US$0.14 and 3.7% in Canada to stand at C$0.14.

Charlotte’s Web Holdings Inc (TSE:CWEB) (OTCMKTS:CWBHF) found itself in the green upon the closing of a C$66.3 million financing to fund the hemp CBD extracts company’s business development efforts.

The Boulder-based company’s shares rose 3.1% in Toronto at C$12.20 and 3.7% over the counter to hit US$9.22.

Elsewhere, Aurora Cannabis Inc (TSE:ACB) (NYSE:ACB) shares rose 3.1% in Toronto at C$3.32 and 3.7% in New York at US$2.53 after it received one of the first medical cannabis approvals in Ireland for its High CBD oil drops.

Duds

Harvest Health & Recreation Inc (CSE:HARV) (OTCMKTS:HRVSF) dropped 3.4% in Canada at C$3.14 and 2.9% on OTC markets at US$2.38 following a board reshuffle that saw the US cannabis company appoint two new members on Tuesday.

Cresco Labs Inc (CSE:CL) (OTCMKTS:CRLBF) sank 5.5% at C$6.68 and 5.6% over the counter at US$5.03 after unveiling a new at-the-market offering of C$55 million. The offering will see the cannabis company sell subordinate voting shares on the Canadian Securities Exchange to generate cash for its operations.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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