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Buds & Duds: Marijuana stocks jump as US markets get high, InnoCan Pharma expands to the UK

All the major cannabis indices trended higher on a day where they Dow soared more than 450 points

Cannabis stocks gaining graphic
WeedMD also moved higher after welcoming a new CEO

Cannabis stocks basked in the glow of surging North American markets on Tuesday. 

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, rose 1.2% to 109 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF gained 1.7% at C$8.99, while the OTCQX Cannabis index increased by 0.6% to 452.8 points.

Buds

InnoCan Pharma Corporation (CSE:INNO) shares jumped double digits after the company announced it was expanding across the pond by inking a deal with licensing company Active Therapeutics. The deal allows the company to penetrate markets in the UK and Ireland. 

Shares surged 20% to C$0.12.

WeedMD Inc (CVE:WMD) (OTCMKTS:WDDMF) saw an uptick as investors reacted positively to a fresh face at the helm. The company named director Angelo Tsebelis as its new CEO after Keith Merker chose to step down.

Tsebelis has nearly two decades' experience in the pharmaceutical, healthcare and cannabis industries and he has been responsible for setting strategic commercialization and product development initiatives for both WeedMD and newly acquired subsidiary Starseed Medical. 

WeedMD stock climbed 2.6% to C$0.78 in Toronto and 4.9% to US$0.61 in New York.

Duds

Only a few stocks missed the market’s overall rising tide.

MYM Nutraceuticals Inc (CSE:MYM) (OTCMKTS:MYMMF) lost more than 11% to C$0.12 on the CSE and almost 18% to US$0.08 on OTC Markets. 

MedMen Enterprises Inc (OTCMKTS:MMNFF), the cannabis delivery company, dropped 9.2% to US$0.40.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Quick facts: InnoCan Pharma

Price: 0.06 CAD

CSE:INNO
Market: CSE
Market Cap: $8.63 m
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on 02/04/2020

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