It was a reasonably calm Monday when it comes to stocks in the cannabis space.
WeedMD Inc (CVE:WMD) shares were up 2.3% at C$2.25 on Monday.
Canopy Growth Corp. (NYSE:CGC, TSE:WEED) shares were up 5.4% at C$67.95 in Toronto and up 5.5% at 52.50 in New York. Canopy announced Monday that one of their subsidiaries, cannabis-brand Tweed, will be opening retail locations in Manitoba as of Oct. 17, when recreational cannabis will be legal in Canada.
Tweed will open brick and mortar retail stores with up to 6,500 kilograms of cannabis products over the next 12 months.
"We’re excited to bring Tweed and our many partner brands to residents across Manitoba and we know our retail experience will delight and surprise," said Mark Zekulin, Co-CEO and president.
Canopy Rivers has a bumpy ride
Canopy Rivers (CVE:RIV) dropped 14.7% at C$6.61 on Monday, after a bumpy roller coaster ride last week. The venture capital arm of marijuana company, Canopy Growth, started trading last week on the TSX Venture Exchange.
Last week, the company closed at $8.75, down more than 18% from its opening price Thursday of $10.75. However, that price was nearly 150% increase from the stock's previous close, before Canopy Rivers' reverse takeover of AIM2.
Cronos down
Cronos Group Inc (TSE:CRON, NASDAQ:CRON) shares dropped Monday. In Toronto, shares were down 4.4% at C$15.30.
Despite a strong fiscal fourth-quarter, Cannacord analysts downgraded the shares to a Sell from a Hold.
The North American Marijuana Index, comprised of the leading cannabis stocks in the U.S. and Canada, was also on the decline up 3.24% at US$344.27.