It was a potboiler of a week in the cannabis stock space as Hexo Corporation (OTCMKTS:HYYDF) (CVE:THCS) stock moved down on Friday after a part owner of the company urged it to explore more deals in the hot cannabis space in Canada, which is poised to legalize pot in October.
Shares of Hexo were down 1% at C$7.03.
An owner of about 2.5% of Hexo, Riposte Capital wants the company to cash in on the cannabis craze with a deal, either in a sale or a major investment from the likes of Molson Coors (NYSE:TAP), with which it's already in a joint venture to develop nonalcoholic, cannabis-infused beverages, a post by Seeking Alpha said.
For now, the report said Hexo chief executive Sebastien St. Louis remains focused on additional joint ventures with large package consumer goods companies.
WeedMD shares up
Shares of WeedMD (CVE:WMD) perked up 7.4% on Friday after it announced it had signed a deal to supply to the Ontario Cannabis Store.
The company agreed with Ontario Cannabis Retail Corp (OCRC), operating as the Ontario Cannabis Store (OCS), to supply branded cannabis products to the adult-use market in the province.
The deal is the fifth supply agreement agreed by the firm.
In addition to Ontario, WeedMD also signed agreements with the Alberta Gaming, Liquor & Cannabis Commission (AGLC), the British Columbia Liquor Distribution Branch (BC LDB), the Nova Scotia Liquor Corporation (NSLC) and Shoppers Drug Mart.
Shares ended the day at C$2.22.
Cronos Up
Cronos Group Inc (TSE:CRON, NASDAQ:CRON) was a mover on Friday. Despite a strong fiscal fourth-quarter, Cannacord analysts downgraded the shares to a Sell from a Hold. Shares of the Toronto-based company were up 3.18 % at C$11.99.
The North American Marijuana Index, comprised of the leading cannabis stocks in the U.S. and Canada, was also on the decline down 5.33% at US$303.09.