Cannabis stocks saw gains across the board today, echoing the surge in the broader markets.
The North American Marijuana Index, which tracks the leading cannabis stocks in the US and Canada, was up 1.9% to 294.92.
Buds
It was a pot of gold kind of day for Weekend Unlimited Inc (CSE:YOLO), which saw its shares soar on Friday, up 134% after the company announced it had won the POT stock ticker symbol.
Shares were up 134.8% at C$0.27 on Friday in Toronto.
READ: Weekend Unlimited shares surge Friday in light of POT stock ticker lottery
The cannabis lifestyle brand said it expects to begin trading with its new ticker on February 4.
Short-seller Andrew Left of Citron Research shook things things up on Friday by taking profits on New York-listed Aphria (NYSE:APHA) while shorting Cronos (NASDAQ:CRON), which is up nearly 5.7% at $20.81 -- despite Left’s latest move. Left is now focusing his investing efforts on US cannabis stocks, having decided that "Canadian weed" has "run too far."
Taking profits on $APHA. Stock up 60% since call a month ago. Canadian Weed has run too far moving into in US names. $CRON short with stock trading 70% above analyst tgt. As CIBC noted "sophisticated investors are beginning to shift capital to U.S operators."
— Citron Research (@CitronResearch) February 1, 2019
Aphria shares (NYSE:APHA) also got a boost from a Bloomberg report saying that Green Growth Brands is flexible and open to negotiations about its unsolicited bid for the Canadian cannabis company. Under the deal’s current terms, Ohio-based Green Growth has offered Aphria stakeholders 1.5714 shares of Green Growth stock for each Aphria share.
Shares popped by 10.1% to US$9.62.
Separately, Green Growth (CSE: GGB) (OTCQB: GGBXF) set off on a rally of its own, adding 6.9% to $4.40 in New York. The company is forging ahead into Arizona by paying US$12.35 million (C$16.3m) to acquire ZLJT LLC & Arizona Natural Pain Solutions Inc, better known as Desert Rose. The Phoenix company specializes in top-tier flower, vape pens, concentrates, edibles and tinctures.
Other strong performers on Friday included The Green Organic Dutchman Holdings Ltd (TSX:TGOD) (OTCQX:TGODF), with its shares perking up by 3.1% to C$3.63. The Toronto company gained traction on the heels of its announcement that “significant progress” has been made towards the completion of its facilities in Hamilton, Ontario and Valleyfield, Quebec.
Namaste Technologies Inc (CVE:N) (OTCQB:NXTTF) also rose, adding almost 1% to C$1.38. The company recently announced the launch of NamasteCafé, a cannabis-infused take on the modern café. Namaste plans to open up to 20 franchise locations across Canada by the end of 2019, as well as three overseas locations, including one in the UK, depending on local laws.
WATCH: Namaste Technologies introducing cafes and working with chef on cannabis recipes
Duds
There were just a few aggards Friday, moving lower on no particular news.
Canopy Rivers (CVE:RIV), the investing arm of the cannabis giant Canopy Growth, was off 7.7% at C$5.41 and medical marijuana distributor MedMen Enterprises Inc. (CNSX:MMEN) (OTCMKTS:MMFF) dipped 6.3% to C$4.31.