Cannabis stocks had a busy day on Friday, with a host of big drops and significant boosts.
Shares of CV Sciences Inc (OTCMKTS:CVSI) rocketed up 24.8% at US$5.06, however, much of the gains appeared to be on little to no news.
The company is currently facing a class action lawsuit. Plaintiffs allege the company and its executives violated federal securities laws by failing to disclose that the U.S. Patent and Trademark Office (the “USPTO”) rejected the patent for CVSI-007, the Company’s lead drug candidate for the treatment of smokeless tobacco addiction.
Aside from lawsuit threats, the company also announced that it has introduced PlusCBD Oil Gummies at the Natural Product Expo East 2018.
READ: Alcohol companies get a buzz from playing offense in cannabis industry
“A new category of PlusCBD Oil products, PlusCBD Oil Gummies are offered in two tasty flavors, Cherry Mango and Citrus Punch. A line extension of our Gold Formula line with no artificial ingredients, each gummy contains 5 mg of CBD and a mere 1.5 g of sugar. Gluten free, vegan friendly, and non-GMO, these new products support healthy balance of the body and mind," said the company in a release.
Other big boosters on Friday included MariMed Inc (OTCQB: MRMD) has completed its investment in Sprout, a customer relations manager and marketing software company for the cannabis industry.
Shares of cannabis company MariMed Inc (OTCQB:MRMD) were up 14.47% at US$5.38. The company recently announced it has completed its investment in Sprout, a customer relations manager and marketing software company for the cannabis industry.
Los Angeles-based cannabis company MedMen Enterprises Inc (CSE:MMEN; OTCQB:MMNFF) shares were up 2.8% at C$5.51 in Toronto and up 2.8% at US$4.25 in New York. The company announced the launch Friday of a slew of new cannabis products under the Statemade brand during the opening of its second MedMen Paradise store in Las Vegas.
READ: MedMen launches slew of cannabis products through deluxe Statemade brand
Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) continued to face a challenging day on Friday, with drops of 6.5% at US$1.62 in New York and a drop of 5.9% at C$2.09 in Toronto.
On Thursday, short-seller Andrew Left of Citron Research took yet another shot at the cannabis company, calling it a 'fraud,' adding that it mislead investors when it came to plans to listing on the NASDAQ exchange.
Shares of the infrastructure-meets-pharmaceutical company India Globalization Capital Inc (NYSE:IGC) tanked today, dropping 36.5% at US$4.07. The company recently announced that it has executed a distribution and partnership agreement for several products including a sugar-free, energy drink called 'Nitro G'.
READ: Citron Research's Andrew Left takes aim at cannabis companies after bringing down more than 40 companies in other sectors
IGC plans to create a branded, hemp/CBD-infused version of the formulation that addresses market demand for energy drinks with the inclusion of healthy properties derived from hemp including CBD.
The North American Marijuana Index, which tracks the top cannabis stocks in the United States and Canada, was up 3.8% to US$324.76.
The Horizons Marijuana Life Sciences Exchange Traded Fund, a group of marijuana stocks that trades on the Toronto Stock Exchange, was down 0.17% to C$23.50.
Contact Katie Lewis at katie@proactiveinvestors.com