Cannabis stocks nudged up on Thursday, after a busy week of key earnings reports being released.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, closed up 0.5% to 277.8 points by Thursday midday. The Horizons Marijuana Life Sciences Index ETF inched up 0.4% at C$20.29.
Buds
Trulieve Cannabis Corp (CSE:TRUL) shares were on the rise Thursday after it announced it has inked a deal to acquire the The Healing Corner Inc, a medical marijuana dispensary located in Bristol, Connecticut.
Shares were up 5.4% at US$12.22 in New York, up 5% at C$16.44 in Canadian trading. Trulieve is the first and largest fully licensed medical cannabis company in Florida.
"Expanding and diversifying beyond our Florida base is key to our strategic vision. This further growth in the New England region is an important step as we move forward with establishing Trulieve as a national presence in the cannabis sector," said Kim Rivers, CEO of Trulieve. "We look forward to providing patients across the Connecticut medical marijuana market with the exceptional customer service and best-in-class products that Trulieve is known for."
READ: HEXO Corp steps up to help Quebec food charity Moisson Outaouais
Hexo Corporation (TSE:HEXO) (NYSEAMERICAN:HEXO) shares were also on the rise Thursday after a busy few weeks. The firm is in the midst of acquiring Newstrike, a firm backed by Canadian rock band, the Tragically Hip. Both companies have received the go-ahead from Canada's competition bureau to move ahead with the friendly deal valued at C$263 million. It is expected to close by May 24, 2019.
Shares of HEXO were up 1.6% at C$9.87 in Toronto, up 1.6% at US$7.34 in New York.
The firm also announced it had donated C$20,000 to Quebec food charity, Moisson Outaouais. The Gatineau-Quebec based non-profit provides food to those in need and is dealing with a number of unforeseen events, including spring floods in the area.
Other gainers on Thursday included Valens Groworks Corp (CSE:VGW) (OTCMKTS:VGWCF), which was up 4% at C$4.70. Kelowna, BC-based Valens is a cannabis company that specializes in the research, development, production, and testing of high-quality cannabis extracts and oils
Duds
TILT Holdings Inc (CSE:TILT) (OTCMKTS:SVVTF) shares dropped on Thursday, down 6% at C$1.89 in Toronto, down 4% at US$1.43 in New York.
The firm announced it was appointing a new interim CEO, Mark Scatterday, last week after it after reported a steep writedown in assets. Scatterday was the founder and CEO of Jupiter Research, a vaporization and inhalation device company, now a wholly-owned subsidiary of TILT.
READ: Tilray posts higher revenues but widening losses after a busy quarter of acquisitions and expansions
Other laggards on Thursday included Tilray Inc (NASDAQ:TLRY) down 2.7% at US$47.59. The firm released its earnings results earlier this week that showed higher revenues but widening losses.
The Nanaimo, BC-based company’s net loss increased to US$30.3 million, or $0.32 per share, compared to a loss of $5.2 million, or $0.07 per share, during the same period last year. Analysts were expecting a loss of around $0.23 for the quarter.
Revenue for the quarter rose to US$23 million (C$31 million), a 195% increase from US$7.8 million during the year-ago period.
Aphria Inc (TSE:APHA) (NYSE:APHA) shares also slipped on Thursday, down 1% at C$9.38 in Toronto and down 1.4% at US$6.93 in New York.
Contact Katie Lewis at katie@proactiveinvestors.com