Cannabis stocks continued to sink Friday after a tough week with broad losses across North American markets.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was down 2.4% to 231.56 points by Friday's close. The Horizons Marijuana Life Sciences Index ETF was down 1% to C$18.40. The OTCQX Cannabis Index was down 5.4% at 689.4 points.
Shares of CROP Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF), the cannabis-focused group, were up Friday after it announced it has closed its previously announced debenture offering, raising C$1 million.
Shares were up 4.8% at C$0.22 in Canadian trading.
As reported earlier this week, the proceeds are expected to be used to continue to grow the firm's US operations and for general working capital.
The company signed a memorandum of understanding with Eagle Vet, a pet health care distributor with operations in South East Asia, Africa and the Middle East, to introduce its products in Korea.
Shares were up 2.3% at C$0.44 in Toronto.
Shares took a hit, with Canopy down 1% at C$55.26 in Canadian trading and Acreage was down 0.3% at US$18.10 earlier in New York, however turned it around by the close, up 3.2% at US$18.74.
Canadian marijuana producer Canopy Growth has agreed to spend US$3.4 billion to acquire Acreage, a New York-based cannabis operator licensed in 20 states. In addition, Canopy will pay Acreage shareholders US$300 million.
Voting on the massive deal is now open for shareholders and will close at 10 a.m. EST on June 17. Approval is expected.
READ: Canopy Growth Corporation and Acreage Holdings remind shareholders to support $3.4B mega merger
Charlotte’s Web Holdings Inc (CSE:CWEB) (OTCQ:CWBHF), the maker of hemp-derived CBD extract products, shares declined on Friday, down 7.8% at C$14.84 in Toronto, down 8% at US$11.06 on no news.
Contact Katie Lewis at [email protected]