Cannabis stocks in the US and Canada began the week on a positive note, trading in the same direction as the Nasdaq Composite and the S&P/TSX Composite Index.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, climbed 2.3% to 301.52 on Monday.
Buds
Canopy Growth Corp (NYSE:CGC) (TSE:WEED) rose 0.6% to US$49.19 in New York trading after a spinoff announced completing an investment in the Canadian parent corporation of Canapar SrL, an Italian organic hemp production and processing company.
The company advanced 1.1% to C$64.57 in Canadian trading. Canopy Rivers Inc (OTCMKTS:CNPOF) (CVE:RIV), the spinoff, decreased 2.8% to US$4.07 on the OTC Markets after rising earlier. It dropped 1.7% to C$5.32 in Canada.
Aurora Cannabis Inc (NYSE:ACB) (TSE:ACB) shares rose 6.9% to US$7.91 after announcing that its extraction technology partner, Radient Technologies Inc (OTCMKTS:RDDTF) (CVE:RTI), has received its Standard Processing License from Health Canada.
The shares of Aurora were up 7.3% to C$10.41 in Canadian trading. Radient surged 34% to US$0.84 on the OTC Markets while gaining 35% to C$1.09 in Canada.
READ: Aurora Cannabis reports strong fiscal 2Q revenue guidance
Aphria Inc (NYSE:APHA) was up 10% to US$10.54 in New York after investor Andrew Left of Citron Research said Friday he was taking profits on the Canadian cannabis company. He said the stock was up 60% since his call in favor of Aphria a month ago.
The stock advanced 9% to C$13.71 in Canada.
Duds
Mym Nutraceuticals Inc (OTCMKTS:MYMMF) sank 11% to US$0.45 in New York after announcing the appointment of Howard Steinberg as CEO, who replaced Rob Gietl as of Friday. Gietl said in a statement that it’s time for “new thoughts and perspectives” at the Vancouver-based cannabis and hemp company.
The stock fell 8% to C$0.61 in Monday’s Canadian trading.