Cannabis stocks went on a topsy-turvy ride Tuesday, with a mix of winners and losers across US and Canadian markets.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was up 0.3% to 274.9 points on Tuesday. The Horizons Marijuana Life Sciences Index ETF was up 0.8% at C$20.19.
Buds
Canntab Therapeutics Ltd (CSE:PILL.CN) (OTCMKTS:CTABF) shares soared Tuesday after it announced it has received an industrial hemp cultivation licence from Health Canada in a major milestone for the cannabis company.
Shares of the firm were up 10% at C$0.77 in Canadian trading.
The licence allows Canntab to cultivate industrial hemp. Canntab intends to use the licence to secure a large amount of hemp biomass that it will use to extract cannabidiol (CBD) to manufacture cannabis hard pills.
READ: Canntab Therapeutics hits new milestone with hemp-processing licence from Health Canada
PreveCeutical Medical Inc (CSE:PREV) (OTCMKTS:PRVCF) shares were on the rise Tuesday after it announced its research team has been approved to acquire human nasal tissue for the final phase of the cannabinoid-based, soluble gel, called Sol-gel.
Shares of the company jumped 18.2% at C$0.07 in Canadian trading.
Preveceutical said it believes that the outcomes of its Sol-gel program may be of value to companies with an interest in delivering cannabinoid/cannabis-based-derived pharmaceuticals to the central nervous system.
READ: PreveCeutical Medical wins approval to acquire human tissue for final phase of Sol-gel technology testing
Other gainers Tuesday included Cronos Group Inc (NASDAQ:CRON) (TSE:CRON), which was up 5.8% at US$15.60 in New York, up 4.2% at C$20.91 in Toronto.
Duds
The Supreme Cannabis Company Inc (TSE:FIRE) (OTCMKTS:SPRWF) shares nudged down on Tuesday, down 1.4% at US$1.41, up 1.4% at C$1.89 in Toronto.
On Friday, the firm announced plans to acquire Langley, BC-based producer BlissCo Cannabis Corp (CSE:BLIS) in an all-stock deal it valued at C$48 million.
Blissco has a 18,000 sq/ft production facility and produces cannabis oils. It received its production license in August 2018.
Shares of CBD manufacture Isodiol International Inc (CSE:ISOL) (OTCQB:ISOLF) dropped Tuesday, down 6.2% to US$0.77. The stock has struggled in recent weeks, on the back of challenges in Mexico, a result of changes by the Mexico’s Federal Commission for the Protection against Sanitary Risk (COFEPRIS) surrounding CBD regulation and licenses.
Contact Katie Lewis at katie@proactiveinvestors.com