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Buds & Duds: Cannabis stocks begin to improve after dreadful market Monday

Empower Clinics and Canntab Therapeutics were two bright spots for the sector

Cannabis stocks gaining graphic
The major marijuana indices trended higher, if only slightly

Cannabis stocks made modest gains on Tuesday, making back some ground after a disastrous Monday for North American markets across the board.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, climbed 0.6% to 96.7 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF rose 0.4% at C$8.23, while the OTCQX Cannabis index gained 0.1% to 388.1 points.

Buds

Empower Clinics Inc (CSE:CBDT) (OTCMKTS:EPWCF), a vertically integrated life sciences company, saw its shares jump after it announced plans to create a psilocybin and psychedelics division. 

The company said studies are finding that psilocybin — the active agent in magic mushrooms — could treat addiction, depression, anxiety and mental health conditions like post-traumatic stress disorder (PTSD), end-of-life psychological distress.

Empower stock increased 14% to C$0.04 on the CSE and 50% to US$0.03 on OTC Markets.

Canntab Therapeutics Ltd's (CSE:PILL) (OTCMKTS:CTABF) stock made gains after the company received a cannabis research licence from Health Canada.

Shares rose 6% to C$0.53 in Toronto.

Duds

Canopy Growth Corporation (TSE:WEED) (NYSE:CGC) struggled, dropping 2.5% to C$26.31 on Bay Street and 2.6% to US$19.77 on Wall Street. 

Elsewhere, Tilray Inc (NASDAQ:TLRY) lost 2.2% to US$16.91 and principal investment firm Cronos Group Inc (TSE:CRON) (NASDAQ:CRON) slowed 2.8% to C$8.25 on the TSE and 3.5% to US$6.15 on the Nasdaq.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Quick facts: Empower Clinics Inc.

Price: 0.055 CAD

CSE:CBDT
Market: CSE
Market Cap: $8.09 m
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