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Buds & Duds: Cannabis stocks hold steady as small cap stocks find themselves in the green

The sector's major indices were in positive territory on Wednesday morning

pot leaf stocks
Companies seeing gains included CB2 Insights, Choom and Zenabis

Cannabis stocks headed into positive territory on Wednesday with all major indices in the green.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, inched 0.6% higher to 112.1 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF sat flat at C$9.12, while the OTCQX Cannabis index gained 0.8% to 431.5 points.

Buds

CB2 Insights Inc (CSE:CBII) (OTCMKTS:CBIIF) climbed Wednesday as it launched a warrant incentive program designed to encourage the exercise of its outstanding warrants.

The company is offering an inducement to warrant holders who exercise their warrants by Christmas. If every warrant is exercised, the company said, CB2 expects to receive nearly $1.1 million in gross proceeds.

Shares of the data analytics company rose 5.6% in Canada at C$0.10 and sat at US$0.08 over the counter.

Choom (CSE:CHOO) (OTCMKTS:CHOOF) rocketed higher on the opening of two new cannabis stores in Alberta, the next step in the company’s expanding Canadian footprint.

Choom shares raced 13.8% higher in Canada at C$0.17 and 15.9% over the counter at US$0.13.

Zenabis Global Inc (TSE:ZENA) (OTCMKTS:ZBISF) also jumped after it announced a new chief executive in Kevin Coft, one of the company’s founders, who will take over the role on an interim basis.

Shares of Zenabis were up 5.4% in Toronto at C$0.20 and trading in the US at US$0.15.

Duds

Investors sent World Class Extractions Inc (CSE:PUMP) down 17.6% to sit at C$0.07 on Wednesday after the company announced a new joint venture with Nutralife Holdings LLC to operate a hemp extraction facility in California.

The agreement gives World Class access to the burgeoning US market by offering its hemp extraction and processing services to third parties in the US.

Other companies that found themselves in the red included Hexo Corp (TSE:HEXO) (NYSE:HEXO), which lost 1.6% in Toronto at C$2.84 and 2.8% in the US at US$2.12; MediPharm Labs Corp (TSE:LABS) (OTCMKTS:MEDIF), down 1.7% at C$3.37 and 2.3% at US$2.55; and Khiron Life Sciences Corp (CVE:KHRN), which sank 3.3% to C$0.88 and 2% at US$0.68.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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