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Buds & Duds: Cannabis stocks continue positive momentum after last week's gains

The major cannabis players led the way into the green

Canopy Growth Corporation -
Nabis Holdings was also higher after securing a hemp license in Arizona

Cannabis stocks continued their run on Monday, continuing the positive momentum after last week’s gains.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, inched 0.6% higher at 126.4 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF lifted 1.7% at C$9.94, while the OTCQX Cannabis index grew 1.9% to 509.5 points.

Buds

It was the major cannabis players leading the way to the green on a slow news day, as US markets were closed for Martin Luther King Day.

Aphria Inc (TSE:APHA) (NYSE:APHA) shot 2.2% higher in Toronto at C$7.03, while Cronos Group Inc (TSE:CRON) (NASDAQ:CRON) was also up 2.1% at C$11.41.

Aleafia Health Inc (TSE:ALEF) (OTCMKTS:ALEAF) also gained 5.8% at C$0.73 and Canopy Growth Corp (TSE:WEED) (NYSE:CGC) moved 1% higher at C$32.89.

Of the small caps, US-focused Nabis Holdings Inc (CSE:NAB) (OTCMKTS:NABIF) was up 10% at C$0.06 after it won a full hemp license in Arizona, allowing it to manufacture its own CBD oil extracts for its BIS and BIS+ line of products.

Duds

Among the laggards on Monday: Harvest Health & Recreation Inc (CSE:HARV) (OTCMKTS:HRVSF) dipped 2.2% in Canada after it announced a new strategic relationship with a provisioning centre in Michigan.

Planet 13 Holdings Inc (CSE:PLTH), the cannabis retailer, sank 3.4% in Canada at C$2.24. The Nevada-focused cannabis company just launched the first cannabis shop-in-shop retail experience at its Las Vegas superstore.

Tobacco grower Pyxus International Inc (NYSE:PYX) also lost 3.4% at US$9.33 after it said subsidiary Figr Brands Inc had launched a new line of THC vape products in Canada.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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