Cannabis stocks headed south across all major indices in North America on Tuesday.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, lost 1% at 110.8 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF sank 2% to C$9.16, while the OTCQX Cannabis index slid 0.4% to 434.9 points.
Buds
A bunch of small cap cannabis stocks saw shares in the green on Tuesday.
Next Green Wave Holdings Inc (CSE:NGW) was riding a wave of enthusiasm on Tuesday thanks to a new partnership with global media company The FADER to launch and distribute a new line of cannabis products.
Next Green Wave said the products will be available in the first quarter of 2020 throughout California in select dispensaries and respective delivery networks.
Shares of the Vancouver-based company were up 13.6% at C$0.13 on the Canadian Securities Exchange.
Elsewhere, Weekend Unlimited Inc (CSE:POT) (OTCMKTS:WKULF) rose after it announced its WKND! branded cannabis products were now available for sale in Oklahoma.
Weekend’s shares rose 25% in Canada at C$0.03 and 0.6% over the counter at US$0.02.
After acquiring the remaining 49.9% of its Alberta subsidiary KushBar Inc, High Tide Inc (CSE:HITI) (OTCMKTS:HITIF) found its shares rising 5.9% in Canada at C$0.18 and 9.4% over the counter at US$0.14.
Duds
The larger cannabis stocks were lagging behind on Tuesday despite very little news from the major players.
Aleafia Health Inc (TSE:ALEF) (OTCMKTS:ALEAF) lost 1.5% in Canada and 0.3% over the counter at C$0.65 and US$0.49 respectively. The Canadian company announced its education division partnered with Toronto’s Seneca College to launch five online cannabis courses.
The Supreme Cannabis Company Inc (TSE:FIRE) (OTCMKTS:SPRWF) was down 1.5% in Canada at C$0.66 and 4% over the counter at US$0.49.
Major stocks were down across the board, including Canopy Growth Corporation (TSE:WEED) (NYSE:CGC), down 3% in Toronto and 4% in New York; Sundial Growers Inc (NASDAQ:SNDL), which sank 7.4%; and Aurora Cannabis Inc (TSE:ACB) (NYSE:ACB), down 3.2% and 3.6% respectively.
Contact Angela at angela@proactiveinvestors.com
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