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Buds & Duds: Cannabis sector remains flattish; FSD makes gains on Nasdaq uplisting news

Trulieve also did well after opening its 41st Florida dispensary

Marijuana stock board
The major marijuana indices all hovered around flat

Cannabis stocks were relatively quiet Monday, as the sector remained largely unchanged. 

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was 0.3% higher at 116 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF was down 0.2% at C$9.34, while the OTCQX Cannabis index gained 0.1% to 435.2 points.

Buds 

FSD Pharma Inc (CSE:HUGE) (OTCMKTS:FSDDF) was one of the day’s biggest gainers after it received approval to have its Class B subordinate voting shares listed on Nasdaq. 

The company said it expects to trade on the New York-based exchange in the “near future.”

Shares of FSD jumped 17% to C$6.80 on the CSE and nearly 15% to US$5.20 on OTC Markets.

Trulieve Cannabis Corp shares rose after the company announced the opening of its 41st Florida dispensary storefront. 

The milestone makes Trulieve the first cannabis licensee in Florida to surpass 40 locations.

With 41 stores in tow, the company’s share price increased 2.8% to US$12.43.

Duds

HEXO Corp (TSE:HEXO) (NYSE:HEXO) dropped after the company revealed a fiscal first-quarter loss of C$62.4 million, nearly five times wider than its $12.8 million loss a year earlier. 

The cannabis producer noted that those results included $3.7 million in restructuring costs.

HEXO stock dropped 4.1% to C$2.83 on Bay Street and 3.6% to US$2.16 on Wall Street.

Other cannabis companies struggling to get going were Aurora Cannabis Inc (TSE:ACB) (NYSE:ACB), which lost 2.6% to C$3.38 on the TSX and 1.9% to US$2.58 on the NYSE, and Canopy Growth Corporation, which dipped nearly 1% to C$27.02 on the TSX and 0.6% to US$20.56 on the NYSE. 

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

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