Cannabis stocks ended the week on a sour note Friday with most of the major players in the US and Canada on the decline.
Buds
There were very few buds to speak of Friday afternoon with only a handful of cannabis companies escaping negative territory.
CannaRoyalty Corp (CSE:CRZ,OTCQX:CNNRF) soared 4.5% to C$8.36 following an announcement that the company will unveil its new name on Monday.
"We've evolved from a royalty-focused investment company into a dominant Californian distributor focused on building a global house of premium cannabis brands,” said CEO Marc Lustig in the company’s press release.
MariMed Inc (OTCQB:MRMD) was up nearly 1.5% to US$4.79.
The cannabis company’s CEO Robert Fireman recently presented at Canaccord Genuity’s US Canada Cannabis Symposium.
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Duds
There was a laundry list of duds Friday afternoon as the momentum from Wednesday’s legalization in Canada failed to jumpstart the pot stocks.
MedMen Enterprises Inc (CSE:MMEN,OTCQB:MMNFF) shares fell more than 10% to US$6.12.
The cannabis company recently acquired medical marijuana company Pharmacann in a US$682 million deal.
Aurora Cannabis Inc (TSX:ACB, OTCMKTS:ACBFF) shares sank about 5.5% to C$13.
The company announced Thursday that it has been approved for trading on the New York Stock Exchange next week.
Canopy Growth Corp (NYSE:CGC, TSE:WEED) was another decliner, sinking nearly 5% to US$46.52.
Shares of Toronto-based cannabis company Newstrike Brands Ltd (CE:HIP,OTCMKTS:NWKRF) fell more than 7% to C$0.65.
The North American Marijuana Index, which tracks the top cannabis stocks in the United States and Canada, was down 5.65% to US$315.58.
The Horizons Marijuana Life Sciences Exchange Traded Fund, a group of marijuana stocks that trades on the Toronto Stock Exchange, sank 4.65% to C$22.99.
Contact Lenore Fedow at lenore@proactiveinvestors.com
Follow her on Twitter: @LenoreMariee