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Buds & Duds: Cannabis stocks dive, while Empower Clinics powers up

Also bucking the downward trend is Tilray, which is throwing its weight behind two new clinical trials for medical cannabis

man tending cannabis plant
Another laggard on Tuesday was Ianthus Capital, which dove lower after posting a net loss in its latest quarter

Cannabis stocks took a tumble on Tuesday, with broad losses sweeping across the US and Canada.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, dropped 1% to 303.21. The Horizons Marijuana Life Sciences Index ETF was also down 0.37% at C$21.63.

Buds

Bucking the downward trend was Empower Clinics Inc (OTCMKTS:EPWCF) (CSE:EPW). The medical cannabis clinic operator revealed Tuesday it has closed more than $2.9 million in debenture and equity financings that will be put toward strategic acquisitions and working capital.

In other news, as part of the offerings, AgraFlora Organics, a cannabis firm with a large-scale greenhouse in British Columbia, has invested $1 million into Empower. 

The stock of Empower popped by 39.4% to hit US$0.13 in afternoon trade in New York.

Moving higher too was Tilray (NASDAQ:TLRY) which is throwing its weight behind two new clinical trials set to lend credibility to medical cannabis. The first is a pilot study conducted by Murdoch Children’s Research Institute in Melbourne, Australia to evaluate cannabis extract as a way to reduce behavioral problems in children with intellectual disabilities. The second is a study with McGill University to study the impact of medical cannabis on the immune system in patients with HIV.

Shares of Tilray were up 2% to hit $64.26 in afternoon trade in New York.

Also pushing higher was Charlotte’s Web Holdings Inc (CSE:CWEB) (OTCQB:CWBHF), the maker of hemp-derived CBD extract products. Investors still seem to be riding high on last week’s news that the Boulder, Colorado company’s revenue in its latest quarter jumped to $21.5 million, up from $12.6 million for the same period last year.

Shares of Charlotte’s Web climbed 6% to US$22.43 in New York.

READ: Empower Clinics secures $2.9M to advance business; AgraFlora Organics invests $1M

Duds

Among the laggards was Youngevity International (NASDAQ:YGYI), which took a hit despite the announcement of its plans to strike up a one-year supply and processing agreement to produce 99% pure CBD isolate. Shipping of the CBD is set to kick off this month and continue through March of 2020.

Youngevity fell 3.15% to $5.84 in afternoon trade in New York.

Another slowpoke was Ianthus Capital (OTCQX:ITHUF), which dipped after posting a net loss of $15.9 million in its latest quarter on revenue of $2.2 million. The US cannabis company generates revenue in nine states and is expected to kick off sales of its products in California within two months.

Shares of Ianthus slipped 4% to $5.39 in afternoon trade.

Contact Ellen Kelleher at [email protected]

Quick facts: Empower Clinics Inc.

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CSE:CBDT
Market: CSE
Market Cap: $5.36 m
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