US and Canadian cannabis stocks edged a tad higher Tuesday, amid a mixed showing in broader markets.
In early trade, the North American Marijuana Index was up 0.5% at 281.88.
Buds:
There were a number of buds today, with Namaste Technologies (CVE:N) (OTCMKTS:NXTTF), a big mover, rising 7.3% to $0.87.
Driving the stock up was news that CEO Sean Dollinger dropped his lawsuit against the Toronto cannabis company and will now act as a senior advisor. Namaste also tapped its director Branden Spikes, former chief information officer at Elon Musk’s SpaceX, as chairman of the board.
1933 Industries (CSE:TGIF) (OTCQX:TGIFF) was also pushing ahead, adding 10.2% to $0.41 in New York trading.
The Vancouver cannabis company perked up after revealing that it has hired CB1 Capital Advisors LLC, a US advisory firm, to serve as a strategic business advisor for a year. The Port Washington, New York-based company will help 1933 analyze investments and partnerships.
READ: Namaste Technologies reaches settlement with ousted CEO Sean Dollinger, taps Branden Spikes as chairman
Duds:
There were a few duds, however, with Canopy Growth (NYSE:CGC) near the top of the list of laggards after shedding 2.8% to hit $46.25.
The Ontario company took a hit on a report that the research house GMP Securities cut its position on the stock to a Hold from a Buy, citing its “unclear path to profitability”.
OrganiGram Holdings Inc (CVE:OGI) was also trading down almost 1% at C$7.53.
Investors, it seems, were left unimpressed by the company’s release of a 360-degree virtual tour of the indoor production practices at its Moncton, New Brunswick campus.
Also trading lower on no reported news were MariMed Inc (OTCQB:MRMD), which fell 1.8% to hit $3.85, and Green Growth Brands Inc (CSE:GGB), which fell 5.6% to C$5.25.