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Buds & Duds: Cannabis stocks steady; XPhyto flies on C$2M financing for EU expansion

XPhyto said it plans to expand its EU lab processing and storage capacity

pot leaf stocks
Curaleaf closed its acquisition of vape manufacturer Select

Cannabis stocks held steady on Monday after last week’s declines across North America.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, sank 2.1% at 109.3 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF lost 1.4% at C$8.90, while the OTCQX Cannabis index decreased by 1.5% to 459.7 points.

Buds

XPhyto Therapeutics Corp (CSE:XPHY) (OTCMKTS:XPHYF) jumped higher after it said it had raised C$2 million gross from a fully subscribed private placing to fund its European imports business.

The group said it plans to expand its EU lab processing and storage capacity. Funds will also be used for regulatory compliance, inventory purchase and product development, manufacturing, and distribution, as well as for working capital.

Investors reacted positively to the news, sending shares up 12% in Canada at C$1.78. Its over the counter shares traded at US$1.20.

Curaleaf Holdings Inc (CSE:CURA) (OTCMKTS:CURLF) closed its acquisition of vape company Select on Monday, with shares inching up 0.9% to C$9.47 and 0.4% to US$7.13.

Duds

With not a lot of movement in the sector, a few companies found their share prices in the red to start the month of February.

Tilray Inc (NASDAQ:TLRY) was down 2.7% at US$17.07, while Canopy Growth Corp (TSE:WEED) (NYSE:CGC) was also down 1.3% at C$29.41 and 1.9% at US$22.12.

As for small caps, FluroTech Ltd (CVE:TEST) (OTCMKTS:FLURF) sank 13.3% at C$0.13 and Vivo Cannabis Inc (TSE:VIVO) (OTCMKTS:VVCIF) lost 9.1% at C$0.30 and 6.1% at US$0.23.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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