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Buds & Duds: Cannabis stocks show strong finish to 2019

Most of the big name cannabis stocks were trading demonstrably higher on New Year’s Eve

cannabis plants
Blue skies for cannabis investors in 2020?

Cannabis stocks had a strong finish to the year, and the decade, with all major indices seeing a boost across North America. 

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was up 7% at 118.4 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF also gained 7% at C$8.74, while the OTCQX Cannabis index rose 4.3% to 462.6 points. 

Buds  

Most of the big name cannabis stocks were trading demonstrably higher on New Year’s Eve. 

Canopy Growth Corporation (TSE:WEED) (NYSE:CGC) surged around 12% in both Canada and the US at C$27.50 and US$21.01 on Friday afternoon, while Aurora Cannabis Inc (TSE:ACB) (NYSE:ACB) rocketed 12.8% in Canada and 12.3% in the US at C$2.81 and US$2.14 respectively.   

US operator Cronos Group Inc (TSE:CRON) (NASDAQ:CRON) was also strong, up 16.1% at C$10.02 and 17.3% at US$7.77. 

On the small cap front, Enwave Corporation (CVE:ENW) (OTCMKTS:NWVCF) was also higher on Tuesday after it signed an equipment purchase agreement with food processing company Consulting FB Tech and Apps SL in Peru for the delivery of one of its 100 kiloWatt Radiant Energy Vacuum (REV) machines.  

The company, which operates under the name Fresh Business, plans to scale up its operations in Peru, where it sources its fruits and vegetables to be dehydrated with EnWave’s technology. 

Shares of Enwave gained 8.2% in Toronto at C$1.59 and 8% over the counter at US$1.22. 

Duds 

MediPharm Labs Corp (TSE:LABS) (OTCMKTS:MEDIF) was pulling up the rear on Tuesday afternoon, down 1.5% in Toronto at C$3.86. On Monday the company said it had received approval to expand its Barrie, Ontario facility for private label and white label production and R&D. 

Contact Angela at [email protected] 

Follow her on Twitter @AHarmantas 

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