Cannabis stocks ended the week in positive territory as the release of third-quarter results from Canopy Growth Corp buoyed the market.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was up 1.5% to 278.88.
Buds
Canopy Growth (NYSE:CGC) (TSE:WEED) rallied 4.8% to US$48.25 in Friday’s New York trading after reporting that third-quarter net revenue almost quadrupled from a year earlier.
For the quarter ended December 31, the world’s largest marijuana company in terms of market cap posted net revenue of C$83 million, compared with C$21.7 million a year earlier.
Net income climbed to C$74.9 million, or C$0.22 per share, from C$11 million, or C$0.01 per share a year earlier. On a diluted basis, the company reported a loss of C$0.38 per share.
Shares of the company rose 2.5% to C$62.78 in Canadian trading.
READ: Redfund Capital taps industry veteran Warren D. Cudney as new strategic adviser
Redfund Capital Corp (CSE:LOAN) climbed 11% to C$0.20 after the cannabis-focused financing firm tapped Wahupta Ventures Inc CEO Warren D. Cudney as a member of its advisory team.
Wahupta, a privately held company based in Vancouver, focuses on hemp and cannibidiol cultivation, production, processing and extraction as well as collaborating with North America’s indigenous communities.
Vancouver-based Redfund added that it has extended financing during the first quarter to three cannabis companies: RxMM Health, Mary’s Wellness Ltd and Winterlife Inc.
GW Pharmaceuticals PLC (NASDAQ:GWPH) rose 0.1% to US$151.50 after Alzheimer’s Research UK said in a press release that it’s committing £300,000 for a Phase 2 trial of the company’s cannabis-based Sativex.
The purpose of the trial is to determine whether it’s feasible for the formulation to treat agitation in people with Alzheimer’s disease with the drug. Sativex is licensed in the UK for the treatment of muscle stiffness and tightness experienced by people with multiple sclerosis. It is not currently licensed in the UK for any other indication including treatment of the symptoms of dementia.
Cambridge, England-based GW says on its website that it doesn’t market Sativex.
Duds
Cannabis stocks bucking the positive trend included Aurora Cannabis Inc (NYSE:ACB) (TSE:ACB), which declined 0.1% to US$7.08 in New York trading and was down 0.7% to C$9.36 in Toronto.
Also falling were Green Growth Brands Inc (OTCMKTS:GGBXF) (CSE:GGB), which was down 0.2% to US$4.28 on the OTC Markets and decreased 0.4% to C$5.68 in Canada.
Contact Dennis Fitzgerald at dennis@proactiveinvestors.com