Buds
It was a rough start to the week for cannabis companies, but there were a few budding stocks this afternoon.
GW Pharmaceuticals PLC (NASDAQ:GWPH) was one of the best-performing cannabis stocks.
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The company reported positive results from a second Phase 3 trial of its cannabis-based Epidiolex, a treatment for a severe form of childhood epilepsy.
MPX Bioceutical Corp (CSE:MPX) (OTCQB:MPXEF) was another top gainer as its shares climbed about 3% to US$0.74.
Duds
Most of the North American cannabis stocks were in the red this afternoon.
The North American Marijuana Index, which tracks the leading cannabis stocks in the US and Canada, slipped nearly 8%.
Innovative Industrial Properties Inc (NYSE:IIPR) was one of worst-performing stocks on the index, falling more than 10% to US$48.58.
The company leases specialized industrial properties to state-licensed operators for their regulated medical cannabis facilities.
Canopy Growth Corporation (TSE:WEED) (NYSE:CGC) shares slipped nearly 5% to US$31.92.
The cannabis company announced that it had completed its asset acquisition of ebbu Inc, a hemp-focused research company.
Tilray Inc (NASDAQ:TLRY) shares were down slightly, less than 1% to US$115.
The company doubled the amount of cannabis sold in its third quarter but reported a decline in average selling prices.
Aurora Cannabis Inc (NYSE:ACB) shares dipped almost 5% to US$5.78. The company recently received the final regulatory approval for its acquisition of ICC Labs Inc (CVE:ICC).
Shares of Toronto-based Cronos Group Inc (NASDAQ:CRON) fell about 5% to US$7.89.
MedMen Enterprises Inc (CSE:MMEN) (OTCQX:MMNFF) has been gaining ground in the cannabis space via several recent acquisitions, but its shares sank about 5% to US$3.44.
Contact Lenore Fedow at lenore@proactiveinvestors.com
Follow her on Twitter: @LenoreMariee