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Buds & Duds: Stocks in positive territory as Next Green Wave opens doors to new San Diego retail space

Aphria slid after swinging to a loss in 2Q on disappointing sales

cannabis joints
Other companies on the move included Aleafia and Organigram

Cannabis stocks continued their climb Thursday on top of solid gains this week.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, rose 1.4% at 127.9 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF lifted 1.8% at C$9.86, while the OTCQX Cannabis index grew 3.3% to 512.8 points.

Buds

Next Green Wave Holdings Inc (CSE:NGW) (OTCMKTS:NXGWF) was on the rise on Thursday, up 11.1% in Canada at C$0.15 and nearly 32% over the counter at US$0.12. The California-focused cannabis firm opened the doors to a new flagship retail store in San Diego this week.

The 5,000-square-foot space will sell the company’s line of CBD brands and products and serve as an event facility for the cannabis community and local artists.

Aleafia Health Inc (TSE:ALEF) (OTCMKTS:ALEAF) also moved higher, up 4.3% in the US at US$0.51 and 1.5% in Canada at C$0.66. The Toronto-based company is launching cannabis-infused sublingual strips in Canada.

Organigram Holdings Inc (TSE:OGI) (NASDAQ:OGI) continued its dream run on the back of better-than-expected results released on Tuesday afternoon. Shares of the cannabis company were up another 6.2% in Canada at C$4.30 and 4.4% in the US at US$3.28.

Duds

Aphria Inc (TSE:APHA) (NYSE:APHA) lost ground on Thursday after releasing disappointing earnings. The Canadian pot producer swung to a loss of C$8.2 million or C$0.03 cents in its fiscal 2Q from a profit of C$54.8 million, or C$0.22 cents a share, during the same period a year ago.

Shares were down 2.3% in Toronto at C$6.72 and 1.9% in New York at US$5.14.

The Canadian company’s CFO was recently quoted as being in favour of becoming a dividend-paying stock – a rarity in the cannabis sector.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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