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Buds & Duds: Cannabis stocks have a mixed ride Tuesday; Tilray shares soar, Golden Leaf tumbles

Last updated: 23:48 08 Jan 2019 GMT, First published: 18:49 08 Jan 2019 GMT

dollar sign on cannabis

Cannabis stocks had a topsy-turvy ride on Tuesday, with a mix of winners and losers across US and Canadian markets.

One of Wall Street’s top cannabis analysts said she believes US sales of cannabis will rise more than she previously projected, to US$80 billion by 2030.

“We expect continued growth in newly established U.S. states, and more robust growth in Canada as more supply comes online and new form factors hit the market,” Cowen analyst Vivien Azer wrote in a report released Tuesday.

The North American Marijuana Index, which tracks the leading cannabis stocks in the US and Canada, was up 1.04% at 243.64 on Tuesday. 

Buds

Shares of Tilray Inc (NASDAQ:TLRY) shares soared Tuesday, up almost 16% to US$83.26.

Azer highlighted Tilray in her report released Tuesday and said the stock should outperform this year thanks to the company's expanded relationship with Novartis' Sandoz aimed at supplying non-smokable and non-combustible cannabis products where legally allowed.

For Tilray, Azer thinks sales can reach US$120 million in 2019, boosting the stock to US$150.

READ: Namaste Technologies shares surge Monday; up more than 44% in the new year

Shares of Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) continued to rise on Tuesday, following a week of significant gains. The stock was up 13% on Tuesday to C$1.47.

The start of 2019 has been a blockbuster for Namaste, the operator of e-commerce site CannMart, which saw its stock fall in December but has been climbing since. 

Other gainers on Tuesday included Terra Tech Corp (OTCMKTS:TRTC), up 9.5% at US$0.81. The integrated cannabis-focused agriculture company recently said it has made a $5 million investment in Hydrofarm Holdings Group Inc to take an ownership stake in the longest standing specialty indoor garden wholesaler in the US.

Duds

A number of stocks also tumbled Tuesday.

Golden Leaf Holdings Ltd (CSE:GLH) (OTCQB:GLDFF) shares continued to decline, dropping 5.7% to C$0.17. The Toronto-based cannabis company recently named William Kulczycki as its new CEO.

Shares of CBD manufacture Isodiol International Inc (CSE: ISOL) (OTCQB:ISOLF) dropped, down 1% to US$1.64. The stock has been struggling in recent weeks, however, the company has not released any new news.

Other laggards on Tuesday included VIVO Cannabis Inc (CVE:VIVO) down 8% at C$0.80 and Aurora Cannabis Inc (TSE:ACB), down 4% to C$6.68. 


Contact Katie Lewis at katie@proactiveinvestors.com
Follow her on Twitter: @kelewis

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