logo-loader

Buds & Duds: Cannabis stocks in the red again; Helix Technologies rises after processing US$3.2 million in transactions

Ventura Cannabis and Wellness and CB2 Insights were also in the green on Wedensday

pot leaf US dollar
Cannabis stocks were mostly trending downwards on Wedensday

Cannabis stocks were down for the third straight day this week but a handful of smaller companies had good news to share.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, fell 0.5% at 111 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF lost 2.6% at C$7.93, while the OTCQX Cannabis index retreated 0.1% to 434.1 points.

Buds

Helix Technologies Inc (OTCMKTS:HLIX) shares perked up on Wednesday after the company said it processed more than US$3.2 million in transactions during Illinois’s first day of legal recreational cannabis sales.

The Denver-based company’s Biotrack system processed the sale of more than 70,000 items on the first day, which ballooned to 750,000 — some $11 million — by the end of the first week.

Helix shares rose 10.9% to hit US$0.51.

Ventura Cannabis and Wellness Corporation (CSE:VCAN) also gained 5.9% in Canada on Wednesday to reach C$0.36. The company revealed it is on track to boost its quarterly revenue when full results are released by the end of the month.

CEO Chris Heath said that the company is seeing strong organic growth revenue that is setting the company apart from its peers who are struggling as a result of tough capital markets.

CB2 Insights Inc (CSE:CBII) (OTCMKTS:CBIIF) was also up on Wednesday morning, jumping 25.3% over the counter at US$0.12 and trading 4.3% higher at C$0.12 after the company said it is on track to achieve profitability by its second quarter 2020.

Duds

Cannabis investment vehicle Canopy Rivers Inc (TSE:RIV) (OTCMKTS:CNPOF) lost ground on Wednesday morning, falling 4.3% over the counter at US$0.86 and 1.7% in Canada at C$1.13. News of its portfolio company BioLumic Ltd receiving approval from New Zealand regulators to research UV light impact on cannabis plants for medical use didn’t do much to excite the market this morning.

MJardin Group Inc (CSE:MJAR) (OTCMKTS:MJARF) lost 4.2% in Canada at C$0.23 despite receiving its sales license for its AtlantiCann Medical facility in Nova Scotia.However, shares over the counter were up 2.7% at US$0.19.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Helix Technologies named herein, including the promotion by the Company of Helix Technologies in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Co-Diagnostics expects to win a CE mark-validated...

Co-Diagnostics Inc (NASDAQ:CODX) CEO Dwight Egan tells Proactive the Utah-based company expects to achieve a CE mark validation on its coronavirus detection test from the European Union by as early as next week. Egan says the company is very enthused by the entire process of the development...

1 day, 8 hours ago

2 min read