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Buds & Duds: Cannabis stocks lift; Canopy Growth names Constellation Brands executive as new CEO

The pot giant tapped Constellation's executive vice president David Klein to lead the company

cannabis plants
Also higher on Monday was Halo Labs and The Green Organic Dutchman

Cannabis stocks rose to start the week as all major indices were in the green.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, lifted 1.7% higher at 111.3 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF grew 1.8% to C$9.13, while the OTCQX Cannabis index rose 1.3% to 432.3 points.

Buds

Canopy Growth Corporation (TSE:WEED) (NYSE:CGC) has a new chief executive.

The pot company made waves on Monday with the announcement of Constellation Brands Inc (NYSE:STZ) executive vice president David Klein as its CEO. Klein takes over the role on a permanent basis from interim CEO Mark Zekulin, who will step down effective December 20.

Shares of Canopy skyrocketed 12.2% in Toronto at C$27.73 and 13.8% in New York at US$21.23 on Monday morning.

Also making moves was Canada’s Halo Labs Inc (NEO:HALO) (OTCMKTS:AGEEF), which gained on the announcement of a new partnership with Oregon’s DNA Genetics Inc, which will exclusively develop its genetics in the state.

Shares of Halo rose 6.1% in Canada at C$0.35 and 5.5% over the counter at US$0.26.

The Green Organic Dutchman Holdings Ltd (TSE:TGOD) (OTCMKTS:TGODF) also moved 1.3% higher in Canada at C$0.81 and 2.7% higher over the counter at US$0.61 on no new news.

Duds

A handful of companies weren’t part of the overall sector’s generally positive performance on Monday.

Ohio’s Green Growth Brands Inc (CSE:GGB) (OTCMKTS:GGBXF) fell 2.6% in Canada to C$1.14 and 2.5% over the counter to US$0.86. Elsewhere, Las Vegas-based Planet 13 Holdings Ltd (CSE:PLTH) (OTCMKTS:PLNHF) lost 2.4% in Canada at C$2.06 and 4.2% over the counter at US$1.54, while Ottawa’s Tetra Bio-Pharma Inc (CVE:TBP) (OTCMKTS:TBPMF) sank 3.9% in Canada at C$0.49 and 2.7% over the counter at US$0.38.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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